SYDNEY: Australian shares extended losses to 1.6 percent on Friday, falling for the sixth down day in a row, with banks and miners hit hard on worries about the euro zone crisis.
For the week, the market was down 4.7 percent, its worst week in two months.
Shares in Woodside Petroleum tumbled 9 percent after its production forecast fell short of most analysts' expectations.
Still, volumes remained light, as has been the case for weeks, as the apparently endless euro debt saga saps confidence and keeps investors sidelined.
The benchmark S&P/ASX 200 index lost 63.4 points to 3,980.8 at 0350 GMT, breaking key technical and psychological support around 4,000. The index eased 0.2 percent on Thursday.
New Zealand's benchmark NZX 50 index was down 0.9 percent to 3212.8.
STOCKS ON THE MOVE
Woodside Petroleum lost as much as 9 percent and was last down 7.4 percent to A$32.85 after its quarterly update. Traders said its 2012 forecast was below the bottom end of most analysts' forecasts.
Against the weaker trend, shares Foster's Group Ltd edged up after the government cleared SABMiller's A$11.5 billion ($11.2 billion) takeover under foreign acquisitions laws, marking the last regulatory hurdle for the deal.
The shares rose 0.75 percent to A$5.38, just below the A$5.40 offer, ahead of next week's shareholder vote on the deal.
Northern Star Resources rose as much as 7 percent after targeting an increase in gold production to 100,000 ounces a year from 80,000 following new exploration work at its Paulsens mine. The stock, which has more than doubled since late September, was up 5.5 percent to A$0.87 at 0057 GMT.
Retailers continued to suffer on worries about a poor Christmas season. Department stores David Jones fell 3.9 percent and larger rival Myer lost 2.1 percent ahead of its shareholders meeting.
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