A day of losses brought the markets down to a six week low, as continuing credit market concerns overwhelmed investors and banks once again led the declines.
The benchmark S&P/ASX 200 Index fell 171 points or 3.16% to 5264, while the broader All Ordinaries lost 163 points or 2.95% to 5,368.
The big four banks were down with Commonwealth Bank losing $1.22 to $39.35, ANZ falling 94 cents to $20.25, WBC shedding 97 cents to $21.16 and NAB losing $1.66 to $26.80.
Big miners finished lower, with Rio Tinto down $4.72 to $131.28 and BHP Billiton $1.07 lower at $38.73.
Amongst the biggest losers for the day, Allco Finance lost over 20% in value after the troubled company corrected certain information it had previously lodged with the ASX. Allco shares fell to a record price low of 33 cents this morning after banks seized a substantial percent stake in the company late yesterday.
ABC Learning Centres shares continued their downward slide, closing 16% or 28 cents down at $1.47.
In New Zealand, the NZX finished 1.26% down at 3,558 points while the NZX All fell 49 points or 1.36% to 3,589.
