THE Australian share market extended its losses today as investors continued to move their money offshore amid concerns about a weak global economy.
The ASX closed lower for the 12th day in 16 trading sessions, representing a fall in value of about 10 per cent in the past three weeks.
RBS Morgans director of equities Bill Chatterton said the performance of the local market had been less than inspiring.
"There's a malaise around the place," Mr Chatterton said.
"The driver has been the currency recently, although it didn't do a lot today."
He said a lot of money was finding its way out of Australia after recent falls in the local currency.
The Australian market shot up nearly 20 per cent from mid-November to mid-May before falling since then.
It comes as the Bank of Japan decided not to expand its stimulus program, in line with expectations for fellow major economy, the United States.