At closing bell, the benchmark S&P/ASX200 index was down 59.41 points, or 0.87%, to 6,785.72. The broader All Ordinaries index declined 68.80 points, or 0.98%, to 6,973.52.
The top performing stocks in S&P/ASX200 index were QUBE HOLDINGS and VICINITY CENTRES, up 8.4% and 7% respectively. The bottom performing stocks in S&P/ASX200 index were BRAINCHIP HOLDINGS and IMUGENE, down 21.2% and 13.2% respectively.
Shares of materials and resources declined as iron ore prices declined due to fresh COVID lockdowns in China on mounting concerns about global steel demand and China's economy, which has been hit by Covid-19 curbs and a property sector downturn. Mining giants Rio Tinto, BHP Group and Fortescue fell between 4.4% and 8.2%.
Energy stocks fell as oil prices declined after top crude importer China widened its Covid-19 curbs. Shares of Ampol and Beach Energy were down 1.4% and 0.6%, respectively.
Financials bucked the trend, with the big four banks climbing between 0.3% and 0.9%.
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