Australian market set to open lower

The Australian market looks set to open lower after tech-rich Nasdaq Composite Index again led Wall Street sharply lower, closing out a dreary week at its lowest level in more than two months.

At 0645 AEST on Monday the June share price index futures contract was down 14 points at 5,406.

Locally, no major economic or equities news is expected on Monday.

In Australia, the market on Friday closed sharply lower after a fall in technology stocks on United States markets caused a wider sell-off on Wall Street.

The benchmark S&P/ASX200 index lost 52.2 points, or 0.95 per cent, to 5,428.6 points.

The broader All Ordinaries index was down 54 points, or 0.99 per cent, at 5,423.5 points.

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