Australian shares close down

SYDNEY: Australian shares fell on Friday, wiping out gains from the previous two sessions, as broad-based selling swept the market after fresh exchanges of fire between the United States and Iran rattled sentiment.

The S&P/ASX 200 index ended 1.5 percent lower at 8,744.40. Despite the decline, the benchmark rose 0.2 percent for the week, though it remained below record highs hit in early March. Investors capped a week in which the Reserve Bank of Australia hiked its interest rates for the third time this year.

However, sentiment worsened overnight, with the US and Iran escalating hostilities.