At closing bell, the benchmark S&P/ASX200 dropped by 47.25 points, or 0.63%, to 7,442.83. The broader All Ordinaries index fell 53.56 points, or 0.69%, to 7,734.47.
Shares of tech companies declined on tracking fall in US peers amid expectations the US Federal Reserve will aggressively hike interest rates, with ASX-listed shares of Block Inc falling up to 4.7%. Wisetech Global and Novonix fell nearly 6% each
Energy shares slipped on tracking the overnight plunge in oil prices after member states of the International Energy Agency agreed to release 120 million barrels from strategic reserves to try to quell price gains. Sector heavyweights Woodside Petroleum fell 2.5% while Santos slid 1.4%.
Shares of Ardent Leisure jumped 6.2% after the company said it will sell its U.S. entertainment business to restaurant chain operator Dave & Buster's Entertainment for $835 million.
ECONOMIC NEWS: Australia Trade Surplus Falls In February- Australia's trade surplus fell to A$7.46 billion in February from A$11.79 billion in January, data from the Australian Bureau of Statistics showed on Thursday. Exports of goods and services remained almost unchanged in February, while imports advanced 12% driven by the increase in imports of processed industrial supplies and fuels and lubricants. Another report from the statistical office showed that the dwelling approvals surged 43.5% in February, reversing a 27.1% fall in January. This was in line with the preliminary estimate published on March 31. Private sector house approvals climbed 16.5%, following a 16.3% decline in January. Excluding houses, private sector dwellings jumped 78.3%, data showed. On a yearly basis, dwelling approvals were down 7.8% in February.
CURRENCY NEWS: The U.S. dollar index, which tracks the greenback against a basket of its peers, last traded at 99.521. The Australian dollar was at $0.7485, weaker than yesterday's levels.
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