THE stockmarket extended weekly losses to 3.8 per cent as materials dragged the benchmark to a fresh low since January, with investors sitting on their hands ahead of crucial US jobs data that could heighten calls for an early tapering of stimulus measures.
In choppy trade, the benchmark added to last week's decline of 5.1 per cent, finishing at lows not seen since the 4716.55 points recorded on January 15.
The benchmark S&P/ASX200 index contracted 0.91 per cent to 4737.7 points, while the broader All Ordinaries index shed 0.89 per cent to 4729.3 points.
A strong number for the US non-payrolls report could inspire the Federal Reserve to accelerate a cut in quantitative easing.
IG market analyst Chris Weston said Newcrest Mining's $6 billion asset writedown, production downgrade and canning of its final dividend spooked the resources sector.
Investors were also bracing for a spate of Chinese statistics for May. "While Sunday sees retail sales, fixed asset investment, industrial production and CPI, we feel Saturday's trade balance carries the bigger risk," Mr Weston said.
