Australian share prices are expected to continue under pressure this week in a continued correction as investors review their position in the light of expected further US interest rate hikes, dealers said.
They said the downturn probably has some way to go but the tone remains reasonably positive and buyers are probably just waiting for the market to find a bottom after its record-breaking run.
For the week to October 14, the key S and P/ASX 200 index fell 34.5 points or 0.78 percent to close at 4,406.1. The index actually slipped below the 4,400 level Friday for the first time since early August before popping back up.
The broader All Ordinaries index lost 28.6 points at 4,371.3 for the week.