The share market is weaker, with traders continuing a trend of recent weeks of retreating when it gets close to the 6,000 point mark.
The market has not hit the elusive 6000 point level for more than seven years and not since the global financial crisis.
Tuesday’s falls also followed losses on US sharemarkets overnight.
Without any major economic news, it was hard to see the market breaching 6,000 points ahead of next week’s Reserve Bank of Australia decision on whether to cut interest rates, said CMC Markets chief markets strategist Michael McCarthy.
“One swing factor we might see light a fire under us today is whether China gives us official confirmation on the idea for purchases of municipal bonds,” Mr McCarthy said.
The heaviest losses were in healthcare stocks, with CSL down $1.56 at $93.72, ResMed giving up 30 cents to $8.16 and Cochlear dropping $2.50 to $86.15.
Oil and gas explorer Beach Energy was down 3.75 cents, or 3.2 per cent, at $1.1525 after announcing a 43 per cent drop in sales revenue for the March quarter.
The broader energy sector was weaker as oil prices fell overnight, with Woodside down 17 cents at $35.72 and Oil Search losing 11.5 cents to $8.315.
Among the banks, Commonwealth Bank was up 1.5 cents to $92.735, National Australia Bank gained 10 cents to $38.55, Westpac shed 23.5 cents to $38.615 and ANZ slipped 14 cents to $35.44.
KEY FACTS
* At 1225 AEST on Monday, the benchmark S&P/ASX200 index was 18.9 points, or 0.32 per cent, lower at 5,963.8
* The broader All Ordinaries index was down 17.4 points, or 0.29 per cent, at 5,937.4.
* The June share price index futures contract was 17 points lower at 5,955, with 14,133 contracts traded.
* National turnover was 693.2 million securities worth $1.9 billion.