SYDNEY, June 6 (Xinhua) -- The Australian market has opened lower on Tuesday, continuing to slide with banking stocks and the materials sector under pressure.
At the 10:40 (AEST), the benchmark S&P/ASX 200 index was down 52.30 points or 0.91 percent at 5,702.60, while the broader All ordinaries index fell 50.20 points or 0.87 percent at 5,741.90.
The weaker commodity price and especially the weaker iron ore price is weighing on the outlook, not only on the mining sector but also for the Australian economy generally, CMC chief market analyst Ric Spooner explained to Xinhua Tuesday.
Because of this, Spooner said, banking stocks are continuing to be sold off.
The Commonwealth Bank fell 0.77 percent, Westpac Bank sank 0.83 percent, National Australia Bank lost 0.87 percent and ANZ dropped 0.94 percent.
BHP dived 1.40 percent, Rio Tinto slipped 0.73 percent, Fortescue Metals tumbled 1.04 percent and Newcrest Mining was down 0.63 percent.
Woodside Petroleum dipped 0.53 percent, Santos plunged 1.84 percent and Oil Search slid 1.55 percent.
Wesfarmers was 0.27 percent lower and Woolworths was also down 0.38 percent
Telstra dipped 0.22 percent, Qantas fell 0.20 percent and CSL slumped 0.91 percent.
