The Australian share market closed sharply weaker on negative economic news.
Chinese data showed the country’s manufacturing sector continuing to shrink, and investors were disappointed with the outcome of the US Federal Reserve policy meeting overnight.
At the close on Thursday, the benchmark S&P/ASX200 index was down 44.8 points, or 1.08 per cent, at 4,087.6, while the broader All Ordinaries index was down 43.1 points, or 1.03 per cent, at 4,133.7.
On the ASX 24, the June share price index futures contract was 13 points higher at 4,142, with 10,974 contracts traded when it expired at 1200 AEST.
The September share price index futures contract was 40 point lower at 4,053, with 30,278 contracts traded.
Commsec analyst Juliette Saly said investors had been hoping for bigger and fresher quantitative easing measures from the US Fed.
Instead it was a continuation of its current bond-swapping, asset purchasing program that aims to encourage borrowing and spending by reducing long-term interest rates.
Falls in the oil price affected the energy sector and a profit downgrade by surfwear retailer Billabong helped cast a pall over that sector.
“There was not a lot of positive news to really help investors out today and it looks like Wall Street might sell off again tonight,” Ms Saly told AAP.
The energy sector closed more than 2.6 per cent lower.
Oil and gas company Santos led the falls, closing 4.38 per cent or five cents weaker at $11.57, and Woodside Petroleum shed 67 cents or 2.05 per cent to $32.08.
Media stocks were slightly up in a turbulent week for the sector that has involved restructures, mass redundancies and takeovers.
News Corporation gained four cents to $20.19 and its non-voting stock was 10 cents stronger at $20.
News is seeking to buy the 50 per cent of Consolidated Media Holdings that it does not already own. The takeover target improved two cents to $3.40.
Fairfax Media was flat at 59 cents.
Struggling regional media publisher APN News & Media was down 2.5 cents at 71 after paying $36 million for an 82 per cent stake in online retailer brandsExclusive.
In the resources sector, global miner BHP Billiton lost 40 cents to $32.20 and Rio Tinto eased 82 cents to $56.90.
Among the major banks, ANZ was 17 cents lower at $21.58, National Australia Bank reversed 31 cents to $23.14, Westpac dipped 22 cents to $20.98 and Commonwealth Bank slipped 31 cents to $51.78.
Surfwear company Billabong was in a trading halt as it launched a $225 million fund raising from shareholders and last traded at $1.83.
Toy distributor Funtastic was also in a trading halt after it said it intends to raise up to $24.6 million to reduce debt. Funtastic last traded at 16 cents.
The price of gold in Sydney closed at $US1,601.36 per fine ounce, down $US17.32 from $US1,618.68 on Wednesday.
National turnover was 1.93 billion shares worth $6.63 billion, with 362 stocks up, 619 down and 406 unchanged.
