The Australian stock market is weaker, with all bar the gold sector trading lower on a day of broad-based selling.
The big four retail banks are all down more than one per cent, while major miners such as BHP and Rio are also in the red.
After opening about 0.3 per cent lower, local stocks tumbled sharply during morning trade and look set to close weaker for a fourth straight day.
By noon AEST, ANZ had fallen 28 cents to $27.85, CBA was off 74 cents at $68.97, NAB had backpedalled 36 cents to $31.34 and Westpac was 68 cents lower at $29.24.
The major miners were also down. BHP had slipped 34 cents to $34.54 and Rio was 42 cents lower at $54.68.
"There has been a lot of commentary that the banks and Telstra, in particular, were overcrowded trades and we are seeing that being partially unwound at the moment," Macquarie Private Wealth division director Martin Lakos said.
"It is being partially unwound very rapidly and that's where we are getting that impact at the moment."
Telstra had backpedalled 8.5 cents to $4.865.
Gold was the lone shining light, rising 2.71 per cent.
Making news on Friday, the chairman of casino operator Crown, James Packer, confirmed he had sold his 10 per cent stake in rival Echo Entertainment for $264 million.
Echo was down 10.47 per cent, or 36 cents, at $3.08, while Crown was 16 cents, or 1.23 per cent, lower at $12.90.
KEY FACTS
* At 1218 AEST on Friday, the benchmark S&P/ASX200 index was down 69.8 points, or 1.38 per cent, at 4,992.6 points.
* The broader All Ordinaries index was down 68.7 points, or 1.36 per cent, at 4,972.1 points.
* The June share price index futures contract was down 75 points at 4,995 points, with 31,214 contracts traded.
* National turnover was 687.1 million securities worth $2.5 billion.
