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The benchmark S&P/ASX 200 index lost 42.5 points to 3,489.9, based on the latest available data. The index lost 6.8 percent over the week, after logging its biggest weekly gain ever last week.
New Zealand shares fell 0.9 percent to 2,706.72.
Despite the broader market weakness, investors were lured by high dividend yielding stocks such as banks.
"You look at the banks, they are paying a dividend yield of 10 percent. Even if the banks cut their dividend by half, the dividend yields would still be higher than term deposits," said Michael Heffernan, strategist at Austock Securities.
"We are staring at great values here but people are not willing to accept it because of all the uncertainty that's around the place," he added.
Australia and New Zealand Banking Group Ltd added 1.3 percent to A$14.60 and National Australia Bank Ltd firmed 1.8 percent to A$19.81. The two banks trade at a dividend yield of 9.4 percent and 10 percent respectively based on their dividend paid in the past financial year.
Coal miner Felix Resources Ltd surged 36.6 percent to A$7.43 after a media report said China's Yanzhou Coal Mining Co Ltd was in talks to buy Felix. A source confirmed to Reuters later that Yanzhou was holding discussions with Felix. For details see:.
Iron ore miner Fortescue Metals Group Ltd slipped 9.4 percent to A$2.23 after it suspended all of its long-term cost and freight (CFR) contracts in response to market conditions demanding greater free-on-board (FOB) sales..
Fairfax Media Ltd slipped 1.7 percent to A$1.465. The publisher said its chief executive David Kirk had resigned with immediate effect.. ($1=A$1.55) (Reporting by Denny Thomas; Editing by James Thornhill) ((denny.thomas@reuters.com; +61 2 9373 1812; Reuters Messaging: denny.thomas.reuters.com@reuters.net))
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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