Also, weighing the market sentiment was hawkish rhetoric from the Bank of Canada and JP Morgan's warning on the economy. JPMorgan's Jamie Dimon warned investors on Wednesday of a coming economic hurricane that requires preparation.
At closing bell, the benchmark S&P/ASX200 declined 58.04 points, or 0.8%, to 7,175.94. The broader All Ordinaries index decreased by 62.09 points, or 0.83%, to 7,400.76.
Total nine of 11 sectors ended lower along with the S&P/ASX 200 Index, with information technology, healthcare, telecommunication services, and financials issues suffered the largest percentage losses. Energy was the best performing sector, gaining +3.06%.
The top performing stocks in S&P/ASX200 index were WOODSIDE ENERGY and TABCORP HOLDING, up 5.2% and 5% respectively. The bottom performing stocks in this index were MEGAPORT and POLYNOVO, down 6.04% and 5.86% respectively.
Tech stocks led losses, with Block and Xero losing 5% and 3%, respectively.
Energy stocks advanced, with Woodside Energy surging 5.2% after JP Morgan on Wednesday handled a $1.1 billion block trade in the company's shares.
CURRENCY NEWS: The Australian dollar was at $0.7181, against an earlier high of $0.7203.
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