Kieran Salsone

Overseas selloffs hit share market hard in early trading

THE Australian share market has opened around 1 per cent lower following overseas selloffs on Friday.

The Benchmark ASX 200 index was 50 points, or 0.5 per cent, lower at 5,138 by 10:22am (AEDT), while the broader All Ordinaries was also down 1 per cent at 5,134.

The selloff is broad-based, with most sectors in the red.

The major banks were all down around 1 per cent early on, while the smaller regional banks had slightly heavier falls, as did Macquarie.

Retailers were also sold down, with Wesfarmers dropping 2.5 per cent to $39.80, while its rival Woolworths was off 1.3 per cent.

Read more at ABC News Online