The share market is lower as investors wait on a eurozone meeting aimed at resolving the Greek debt saga, and react to profit downgrades from several companies.

The mood is cautious ahead of tonight’s European emergency summit meeting on Greece, IG market strategist Evan Lucas said.

The heads of the 19 eurozone countries will meet in a bid to prevent Greece from defaulting on its debt.

Negative sentiment on the Chinese market is also on the minds of local investors, Mr Lucas said.

“I’m not too surprised to see us slightly down,” he said.

“The other thing is that we continue to see profit downgrades.

“We’ve seen 13 of them now for the month, and it doesn’t look like slowing down.”

Shares in job search group SEEK were down $1.97, or 11.9 per cent, at $14.53 after it warned of weak full year earnings growth amid problems with its education division.

Loss-making mining services contractor Macmahon Holdings was another to downgrade its financial forecasts, due to asset impairments that could hit $125 million.

Its shares were steady at 4.8 cents.

BHP Billiton was 41 cents weaker at $28.00, Rio Tinto had dropped 41 cents to $55.14, South32 had reversed 7.25 cents to $1.8875, while Fortescue Metals edged one cent higher to $2.17.

Among the banks, Commonwealth Bank was down 20 cents at $84.27, National Australia Bank had dropped 18 cents to $33.48, ANZ had eased eight cents to $32.68 and Westpac was nine cents lower at $32.71.

Data management firm Recall was off six cents at $7.17 as it said it is closing facilities in Australia and four other countries in more moves to trim costs.

KEY FACTS

* At 1209 AEST on Monday, the benchmark S&P/ASX200 index was down 20.2 points, or 0.36 per cent, at 5,576.8 points.

* The broader All Ordinaries index was down 19.3 points, or 0.35 per cent, at 5,572.2 points.

* The September share price index futures contract was 23 points lower at 5,518 points, with 11,106 contracts traded.

* National turnover was 761.2 million securities worth $1.13 billion.