KEY POINTS:
The Australian stock market opened in the red this morning, following a sharp drop on Wall Street on Friday.
At 1005 AEDT, the benchmark S&P/ASX200 index was down 28.2 points lower at 5953.4 while the All Ordinaries had fallen 30.6 points to 6023.8.
The big miners initially opened higher but by 10.16am AEDT were weaker, following lower base metals on continued fears over a slowdown in the US economy.
BHP Billiton fell nine cents to $39.00, Rio Tinto lost 95 cents to $127.05 and Alumina shed one cent to $6.14.
Senior client advisor for Austock Securities, Michael Heffernan, said the low opening was to be expected.
"We have opened in the red, but this is pretty much as we might have anticipated following the US drop on Friday," Mr Heffernan said.
But not all was gloom, with "glimmers of green" from bargain hunting evident, he said.
"Also, the Australian market runs on different train lines," he said. "I think there should be some light on the market later today."
- AAP
