Aust stocks close slightly weaker

Local market falls despite rising business confidence as investors watch US crisis.

The Australian stock market closed slightly lower despite a lift in business confidence as investors wait for news on the United States budget and debt ceiling negotiations.

At the 1615 AEDT official market close, the benchmark S&P/ASX200 index fell 0.23% to 5,149.4 points, while the broader All Ordinaries index shed 0.24% to 5,148.1 points.

CMC Markets analyst Betty Lam said the local index is "sitting at a potentially less over-valued position".

"The market has for the most part, ignored any local indicators and is clinging on to a wait-and-see approach to the US negotiations."