At closing bell, the benchmark S&P/ASX200 index was down 95.02 points, or 1.4%, to 6,667.75. The broader All Ordinaries index declined 104.11 points, or 1.49%, to 6,872.
All 11 sectors ended lower along with the S&P/ASX 200 Index, with shares in utilities, information technologies, healthcare, and financials being notable losers.
The top performing stocks in S&P/ASX200 index were SIMS and FORTESCUE METAL, up 2.18% and 1.8%, respectively. The bottom performing stocks in S&P/ASX200 index were JOHNS LYNG GROUP and CAPRICORN METALS, down 14.8% and 10.1% respectively.
Financials were lower, with the country's Big Four banks retreated between 1.3 and 1.7%.
Gold stocks tumbled as bullion prices fell to a one-week low. Newcrest Mining and Northern Star Resources lost 4% and 4.4%, respectively.
Energy stocks declined, as investors booked profits after a report on slowing economic activity in China stoked concerns about global fuel oil demand. Woodside Energy and Santos fell 0.7% and 1%, respectively.
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Shares of materials and resources closed down even after iron ore prices hit a two-month high on shrinking portside inventory in top steel producer. Aurelia Metals and Capricorn Metals were the top laggards, shedding 32.6% and 10.1%, respectively.
CURRENCY NEWS: The Australian dollar weakened sharply in Asia's trade, falling as low as $0.6321, to levels not seen since April 2020.
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