The share market is more than one per cent lower, with the banks leading a general retreat.
CMC chief market analyst Ric Spooner said investors were selling stocks as the June quarter share price index futures contract closed out.
Uncertainty whether efforts to resolve the Greek debt saga would succeed may also be contributing to the falls.
“The market is down generally. Nothing is being spared at this stage. Banks are the worst off,” Mr Spooner said.
Commonwealth Bank was down $1.30 at $82.96, ANZ had dropped 48.5 cents to $32.375, National Australia Bank had lost 33 cents to $33.04 and Westpac was 52 cents weaker at $32.38.
In the resources sector, BHP Billiton was down 27 cents at $27.90, Rio Tinto had given up $1.04 to $54.99 and Fortescue Metals was 10 cents weaker at $2.12.
Gold miner Newcrest was one of the few stocks to rise, adding 16.5 cents to $13.485.
Qantas had descended seven cents to $3.16 despite ratings agency Moody’s lifting its credit outlook rating to positive from stable.
Woolworths was down 40 cents at $26.40, losing more ground after the resignation of chief executive Grant O’Brienn and the company’s profit downgrade on Wednesday.
Coles owner Wesfarmers was also weaker, down $1.135 at $40.265.
KEY FACTS
* On Thursday at 1206 AEST, the benchmark S&P/ASX200 index was down 70.3 points, or 1.26 per cent, at 5,525.1 points.
* The broader All Ordinaries index was down 67.8 points, or 1.21 per cent, at 5,522.5 points.
* The June share price index futures contract expired at noon, down seven points at 5,578, with 5,520 contracts traded.
* The September share price index futures contract was four points lower at 5,464 points, with 21,481 contracts traded.
* National turnover was 988 million securities worth $3.9 billion.
