Mining, energy and banking stocks have pushed the Australian share market more than one per cent lower amid profit taking.
OptionsXPress analyst Ben LeBrun said market watchers were expecting a relatively quiet day on the local share market ahead of comments by the US Federal Reserve on Wednesday night.
But the sharp sell off had taken many people by surprise.
“We’ve fallen out of bed,” Mr LeBrun said.
“There’s a bit of profit-taking washing through the market.”
People were waiting to see whether the chances of a rate rise in the US later this year would pick up, he said.
Energy stocks fell sharply, with Woodside Petroleum down $1.05, or 3.9 per cent, at $25.72, Origin Energy dropped 26 cents, or five per cent, to $4.94 and Oil Search was 25 cents, or 3.5 per cent, lower at $6.95.
Meanwhile, mining giant Rio Tinto was $1.50, or 3.4 per cent lower, at $42.97 and BHP Billiton had fallen 61 cents, or 3.4 per cent, to $17.13.
All the big banks finished in the red, with ANZ down 36 cents to $25.39, Westpac lost 58 cents to $32.30, Commonwealth Bank dropped $1.41 to $75.45 and NAB was 52 cents lower at $27.79.
Communications giant Telstra was one of the few companies in the black, gaining one cent to $5.29.
KEY FACTS:
* At the close on Tuesday, the benchmark S&P/ASX200 index was 74.1 points, or 1.43 per cent, lower at 5,111.4.
* The broader All Ordinaries index was down 73.8 points, or 1.41 per cent, at 5,168.6.
* The March share price index futures contract was 67 points lower at 5,104, with 115,963 contracts traded.
* The price of gold in Sydney at 1700 AEDT was $US1,228.20 per fine ounce, down $US28.10 on Monday’s price of $US1,256.30.
* National turnover was 2.7 billion securities traded, worth $5.2 billion.
