Australian market set to open lower

THE Australian market looks set to open lower, following losses on Wall Street overnight.

THE Australian market looks set to open lower, following losses on Wall Street overnight.

At 0642 AEST on Friday, the June share price index futures contract was down 18 points at 5,490.

Wall Street stocks tumbled almost one per cent due to unease over the Greek debt negotiations, volatility in the bond market and worries about growth after the IMF cut its US economic forecast. Locally on Friday, the Australian Industry Group and the Housing Industry Association releases its performance of construction index (PCI) for May.

In Australia, the market on Friday the market fell to a fresh four month low extending its losing streak to four straight days. The benchmark S&P/ASX200 index lost 79.3 points, or 1.42 per cent, at 5,504.3.

The broader All Ordinaries index was down 77 points, or 1.38 per cent, at 5,511.3.