Sydney: The Australian share market fell sharply on Monday following significant falls from the country’s big banks and major miners.
It also appeared to react to the falls on the Wall Street, Xinhua news agency reported.
At the official market open, the benchmark S&P/ASX200 index fell 94.6 points, or 1.83 percent, to 5075.9 points, while the broader All Ordinaries fell 88.5 points, or 1.7 percent, to 5105.8 points.
Energy stocks weighed on the market most, losing 2.41 percent. Oil Search shed 0.53 percent while Woodside Petroleum fell 3 percent.
Materials slumped 2.41 percent. BHP Billiton lost 2.58 percent while Rio Tinto slipped 2.83 percent.
Financials retreated 1.99 percent. The Commonwealth Bank was down 2.27 percent while ANZ shares shed 2.29 percent.
The National Australia Bank shed 2.38 percent while Westpac slipped 2.17 percent.
Consumer staples fell 1.48 percent.
Wesfarmers lost 1.48 percent while Woolworths was down 1.37 percent.
Meanwhile, Qantas retreated 1.38 percent, while Telstra fell 1. 68 percent.