Australian shares fell as local investors followed offshore leads and sold riskier stocks, including those in resources companies.
The bourse is down 1.6 per cent in the last week, with market watchers also suggesting the market would not climb much higher until the Federal Election was held on September 7 and economic certainty improved.
RBS Morgans senior private client adviser Bill Chatterton said most sectors were in the red.
“We kind of fell in with the US overnight,” he said, alluding to the latest Federal Reserve minutes sparking expectations of tapering US stimulus measures.
Encouraging manufacturing data from China did give a boost to Australian shares, paring back heavier losses from earlier in the day.
Resources stocks were mostly down, with BHP Billiton shedding 37 cents to $35.37 and Rio Tinto was 56 cents lower at $59.04.
Gold miner Newcrest was down 13 cents, or 1.04 per cent, at $12.40 with gold stocks overall plunging 2.61 per cent.
Iron ore miner Fortescue was up 17 cents, or 4.2 per cent, at $4.26, after lifting its annual profit by 13 per cent.
Origin Energy was also higher, gaining 71 cents, or 5.8 per cent, to $12.98, after the securing of funding for its Queensland LNG project overshadowed a 15 per cent fall in profit to $760 million.
The defensive utilities sector was slightly up for the day.
KEY FACTS
* At the close on Thursday, the benchmark S&P/ASX200 index was 24.3 points, or 0.48 per cent, lower at 5,075.7.
* The broader All Ordinaries index was down 23.6 points, or 0.46 per cent, at 5,066.7.
* The September share price index futures contract was 40 points lower at 5,039, with 27,684 contracts traded.
* National turnover was 1.69 billion securities worth $5.19 billion.