The Australian stock exchange market closed lower sharply Wednesday as the benchmark S&P/ASX200 plunged 203 points to 5,941.2 points, while the all ordinaries dumped 198.1 points to 5,989.4.

Market turnover reached 2.6 billion worth a total of 8.6 billion Australian dollars (7.3 billion U.S. dollars) with 170 stocks moving up, 1,243 moving down and 248 unchanged.

Among the resources stocks, BHP Billiton lost 1.04 dollars to 35.96 dollars and rival Rio Tinto softened 1.88 dollars to 91.20 dollars.

In the banking sector, Commonwealth Bank reversed 2.01 dollars to 52.25 dollars, National Australia Bank dipped 1.28 dollars to 37.08 dollars, ANZ shed 78 cents to 27.52 dollars and Westpac weakened 65 cents to 25.55 dollars.

Among the media stocks, News Corp was steady at 26.49 dollars.