The materials and energy sectors are under pressure in early trade as the Australian share market continues to reverse its climb past 6,000 points.
The local bourse posted its sharpest fall in seven weeks on Tuesday after surpassing 6,000 points last week.
It is continuing its slide in early trade on Wednesday, with the benchmark S&P/ASX200 index down 0.5 per cent at 5,938 points by 1030 AEDT.
CommSec market analyst Steven Daghlian said while iron ore ticked up overnight the price of other industrial metals and oil fell, which has hit mining and energy stocks.
"Overall the market has lost a little bit of momentum this week at least but we have had a very impressive couple of months so I think it's important to put that in perspective," he said.
"October was the best month of the year for us."
BHP Billiton is the biggest drag overall, taking more than six points out of the market.
The mining giant was down 2.4 per cent to $27.28, Rio Tinto fell 2.5 per cent to $71.20 and Fortescue Metals declined 2.9 per cent to $4.63.
Local energy stocks continued to lose ground after oil prices slipped for the third consecutive day in the wake of forecasts for rising US crude output and gloomy global demand growth predictions from the International Energy Agency.
Woodside Petroleum fell 2.7 per cent at $30.36, Oil Search was down 1.7 per cent weaker at $7.14 and Santos was 2.8 per cent weaker at $4.36.
The big banks' falls were more modest, with National Australia Bank the worst performer, down 0.6 per cent at $29.94.
In other equities news, paint supplier DuluxGroup advanced 2.9 per cent to $7.76 after announcing it has lifted full-year profit 9.6 per cent to $142.9 million and expects an even better 2018.
Energy network operator Ausnet gained 1.8 per cent to $1.89 after revealing a colder winter helped boost first-half profit 14.1 per cent to $203.7 million.
The Australian Bureau of Statistics will release the September quarter wage price index later on Wednesday, which could impact the dollar.
The Australian dollar was a touch weaker at 1030 AEDT, trading at 76.31 US cents from 76.33 US cents on Monday.
ON THE ASX:
* The benchmark S&P/ASX200 index was down 30.7 points, or 0.51 per cent, at 5938 points at 1030 AEDT.
* The broader All Ordinaries index was down 31.8 points, or 0.53 per cent, at 6,016.9 points.
* The SPI200 futures contract was down 26 points, or 0.44 per cent, at 5,950 points.
* National turnover was 837 million securities traded worth $631million.
