Losses in the banking sector and a poor lead from Wall Street have dragged down the Australian share market for the second day.
The All Ordinaries Index shed 26 points to 5,392 and the ASX 200 was down 20 points to 5,351.
More concerns about the impact of the US credit crisis on US banks sent local bank stocks lower.
The sector was also hit by news Australian stockbroking firm, Opes Prime, has gone into receivership and is being investigated by the Australian Securities and Investments Commission.
ANZ shed 2.8 per cent to $23.18, Westpac lost 68 cents and the National Australia bank gave up about 2.5 per cent to $29.96.
The mining sector saw positive gains, with BHP Billiton up 29 cents to $36.05 and Rio Tinto adding $2 to $122.90
Woodside Petroleum added three cents to $53.50 after an announcement it had shut production at its Enfield oil field off the coast of Western Australia because of a tropical cyclone.
It was a mixed result for retail stocks, with Woolworths adding 54 cents to $29.30 cents but with Harvey Norman shedding 1.55 per cent and JB Hi Fi giving up five cents.
About 5:23pm (AEDT) a barrel of West Texas Crude was fetching $US107.56 and spot gold was worth $US945 an ounce and t
The Australian dollar was buying 92.25 US cents, 45 UK pence, 91 Japanese yen and 58 euro cents.
Source: By Australian Broadcasting Corporation
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