At closing bell, the benchmark S&P/ASX200 stumbled by 78.84 points, or 1.08%, to 7,196.71. The broader All Ordinaries index retreated 80.81 points, or 1.07%, to 7,500.25.
Total 9 of 11 sectors ended lower along with the S&P/ASX 200 Index. Information technology was the bottom performing sector, losing 2.36%, meanwhile healthcare (down 1.9%), energy (down 1.8%), real estate (down 1.1%), financial (down 1.05%), and materials (down 1.03%) sectors were also notable losers. Utilities was best performing sector, adding 0.23%.
The bottom performing stocks in this index were PINNACLE INVESTMENT MANAGEMENT GROUP and CHALICE MINING, down 9.05% and 5.97% respectively. The top performing stocks in this index were ST BARBARA and REGIS RESOURCES, up 6.7% and 6.3% respectively.
Energy stocks dived on tracking lower crude oil prices as U.S. crude inventories unexpectedly rose after doubts over demand resurfaced. Washington H Soul Pattinson and Company and Woodside Petroleum dropped 3.8% and 2.2%, respectively.
Technology stocks fell on tracking fall in US peers with rising U.S. Treasury yields. Appen fell 3.4%, while Afterpay dropped over 3%.
Shares of materials and resources tumbled as base metal prices slipped on fears over demand curbs after Australia's top trading partner China is in the grip of a power crunch, which has halted production at several factories. Australia's mining triumvirate, BHP Group, Rio Tinto and Fortescue Metals fell between 2.2% and 2.5%.
Energy shares dropped on following a dip in oil prices. Santos and Oil Search fell 2% and 2.2%, respectively.
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CURRENCY NEWS: The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.804 following its recent climb from below 93.6. The Australian dollar was at $0.725 after yesterday drop from above $0.729.
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