Australian exchanges

SYDNEY: The Australian stock market marked seven straight days of losses for the first time since January 2016, as USChina trade concerns continue to drag on the indices yesterday.

The benchmark S&P/ASX200 index was down 16.6 points, or 0.27%, to 6143.8 points, while the broader All Ordinaries index was down 15.5 points, or 0.25%, to 6252.3 points.

CommSec market analyst Tom Piotrowski said the market consistently being under pressure had been disconcerting as various risk factors combined with the market coming off a more than 10year high.

‘‘People have been looking to find some sort of satisfying argument that sums it up and that has probably been the allusive aspect of what has happened over the last seven days,’’ he said.

‘‘You can, in broad terms, put it down to the fact that institutions have not been participating on the buy side as this market has come off.’’

The Australian dollar also came under pressure after weak July housing loans data sparked fears of a further slowdown in the property market.

Lending to investors in property declined for the fifth straight month, hitting a fiveyear trough.

A subdued lead from Wall Street weighed on local shares amid lingering trade concerns and after the US Congress grilled big tech companies overnight.

Most local sectors struggled throughout the day. Energy and health care led the losses, down 1% and 1.6% respectively.