Australian market opens lower

The Australian sharemarket has lost ground in early trade.

The Australian market was lower at the open after Wall Street slumped for the third straight session with investors fearing high-flying technology stocks are overvalued and cautiously anticipating earnings season.

At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index was 12.2 points, or 0.23% weaker, at 5,401.5 points, while the broader All Ordinaries index also shed 14 points, or 0.26%, at 5,402.1 points.

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