Australian stocks: Week opens 3 pc down

The Australian stock market has followed the downward trend of the NZX and opened three per cent lower today following large falls on Wall Street on Friday.

At 1010 AEDT, the benchmark S&P/ASX200 index was 166.8 points or 2.99 per cent lower at 5405.3 points, while the broader All Ordinaries index lost 158.3 points or 2.79 per cent to 5516.4.

On the Sydney Futures Exchange the March share price index contract was 150 points lower.

Wall Street finished lower on Friday after weak economic data added to US recession woes and insurer AIG delivered a record loss, sparking fears of further write-downs in the financial sector.

- AAP