Australian Stock Markets Lower Sharply

Australian stocks witnessed a sharp fall in today's trading as big miners were seen disappointed with the falling metal prices.

At the 1615 AEST the official market closed, the benchmark S&P/ASX200 index was witnessed to lower by 56.2 points, or 1.2%, landing at 4605.3. The fall become even faster in the afternoon.

The broader All Ordinaries index plunged by 52.7 points, or 1.1%, landing at 4650.

Among the others arms- material sector was lowered by 1.5%, financial sector marked a fall 1.7% and industrial sector registered a 0.5%.

However, the gold market was served as an exception, marking a rise 0.9 % on safe-haven buying.

"It was fair enough, considering the run-up we've had this week and a lack of any material developments overnight to spur buying activity. We've seen the market break out of its range in the past few sessions, and given the downside risks, it wasn't surprising to see a few profit-takers move in today", posted CMC Markets head of sales trading Matthew Lewis.

In addition, the banking sector was no less. The Commonwealth Bank marked a squeeze $1.16, or 2.2%, touching $52.64 and Westpac lowered 35 cents, or 1.5%, landing at $23.28.