Mining stocks were hit hard,falling by 2.8 per cent,while the interest rate-sensitive tech sector dropped by 2.4per cent. Mining giant BHP fell by 3.3 per cent and Fortescue dropped by more than 5.3 per cent,while Rio Tinto fell by 4.2 per cent. South32 declined by almost 6 per cent.
The big four banks also all slipped during the session,with the Commonwealth Bank faring the worst as it dropped by more than 3 per cent.
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Gold miners were rare winners,with Evolution Mining among the biggest risers on the index,jumping by 6.3 per cent,as investors looked to safe commodities. Meanwhile,cryptocurrencies continued to fall,with bitcoin priced at $20,872 as of 3.36pm on Friday,5.3 per cent lower than yesterday.
eToro market analyst Josh Gilbert said the ASX 200 had opened slightly lower than futures had predicted due to falls in commodities and energy stocks overnight,which comprise a large part of the local index.