SYDNEY, Aug. 11 (Xinhua) -- The Australian market has closed lower for the second straight session, weighed by banking and resources stocks.
On Thursday the benchmark S&P ASX/200 index was down 35.7 points, or 0.64 percent, at 5,508, and the All Ordinaries was down 28.8 points, or 0.51 percent, at 5,599.4 points.
Westpac Banking Corp's market update revealed it too has increasing bad and doubtful debts, sending the banking space and broader index lower on capital and asset quality fears.
"It was not that encouraging from a market standpoint," CommSec market analyst Tom Piotrowski told Xinhua.
Resources and energy stocks were also weighed by falls in key industrial commodities and benchmark crude overnight on renewed fears of rising inventories following a lift in U.S. holdings, though refined products had decreased.
"The issue is that the margins for refiners may have collapsed so much that they have simply stopped producing and now we could be about to start seeing much bigger increases in crude oil inventories again as the refined oil product market has become completely saturated," IG market analyst Angus Nicholson said.
On Thursday ANZ fell 1.01 percent, the Commonwealth Bank of Australia dropped 1.87 percent, the National Australia Bank eased 1.04 percent while Westpac slumped
BHP Billiton shed 0.93 percent, rival Rio Tinto slid 1.70 percent and gold miner Newcrest was 1.26 percent lower.
Oil Search lost 0.68 percent, Santos slumped 2.78 percent and Woodside Petroleum was 1.12 percent weaker.
Wesfarmers gained 0.45 percent while rival Woolworths was flat.
Qantas added 1.58 percent however Telstra lost 1.61 percent.
