Australian share prices fell 0.75 percent on Monday as lower commodity prices dragged down the resources sector, dealers said. The benchmark S&P/ASX200 index closed down 30.5 points at 4,031.7, while the broader All Ordinaries dropped 31.1 points to 4,030.4. Volume was 2.47 billion shares worth 4.76 billion dollars (3.81 billion US), with 497 stocks up, 631 down and 339 unchanged.
IG Markets head of institutional dealing Chris Weston said a lack of economic data and weak overseas leads meant volumes were low and there was no incentive for traders to get into the market. "It was no surprise to see the mining heavyweights take out points, however these were counterbalanced by buying in some the key defensives," Weston said.
In the resources sector, BHP Billiton was down 1.04 dollars at 37.00, while Rio Tinto sank 1.70 to 75.50 and iron ore miner Fortescue retreated 30 cents to 3.85 dollars.
Weston said Fortescue had been "looking quite top heavy" after surging about 30 percent over the past week. The major banks were mixed, with the Commonwealth Bank up 41 cents at 38.21 dollars, ANZ steady at 17.30, National Australia Bank up 17 cents at 21.19 and Westpac down five cents at 19.87. In the retail sector, Coles owner Wesfarmers firmed 16 cents to 22.51 and Woolworths slipped 17 cents to 26.12.