(RTTNews) - Tracking cues from Wall Street where stocks drifted lower overnight on economic concerns, the Australian stock market is trading weak on Tuesday with stocks cutting across several sectors recording notable losses on fairly heavy selling.

Financials, energy, information technology stocks are among the prominent losers. Materials and utilities stocks are also mostly trading lower. Healthcare, consumer staples and telecommunications stocks are trading mixed.

The benchmark S&P/ASX 200 index, which declined to around 4,465, is currently trading at 4,471, down 50.4 points or 1.1% from its previous close. The broader All Ordinaries index is down 48.8 points or 1.1% at 4,490.

On Monday, the S&P/ASX 200 index had ended up 7.3 points or 0.2% at 4,521.4 while the All Ordinaries index moved up 6.3 points or 0.1% to 4,538.8.

Among bank stocks, ANZ Bank, Commonwealth Bank of Australia and National Australia Bank are trading lower by 1.6%-2%, while Westpac Banking Corporation is down with a loss of 2.6%.

Shares of investment bank Macquarie Group Ltd are down as much as 6.5% after the company said it expects its second-half profit to be broadly in line with the first half, taking the fiscal 2010 result to about A$960 million. The full year figure would compare with the A$871 million profit booked in fiscal 2009.

Shares of BKI Investment Company Ltd are trading lower despite the company increasing first-half profit by 36.4%. Net profit rose to A$19.4 million for the six months to December 31, compared with A$14.1 million in the prior corresponding period.

Among top miners, BHP Billiton and Rio Tinto are trading lower by 0.6% and 1.2% respectively. Newcrest Mining is up 0.5%. Bluescope Steel, Fortescue Metals and Orica are trading lower, while Incitec Pivot is in positive territory with a notable gain. Shares of Alumina Ltd are down 1.6% after the company revealed a net loss of A$26 million in 2009.

In the energy space, Santos and Oil Search are down 1.6% and 2.8% respectively. Origin Energy is down with a loss of 0.4% and Woodside Petroleum is trading lower by about 0.6%.

In the currency market, the Australian dollar opened marginally lower before edging up to US$0.8667-US$0.8671 in early trades, from Monday's close of US$0.8664-US$0.8666.

Among other markets in the Asia-Pacific region, Malaysia, Japan, New Zealand and Singapore are trading lower, while South Korea and Taiwan are up with modest gains. Markets across the region had closed on a negative note on Monday.

On Wall street, stocks ended mostly lower on Monday after showing a lack of direction during the major part of the session. The major averages all closed firmly in negative territory, extending the downward move seen over the course of the previous four weeks.

Uncertain global economic outlook and a lack of significant triggers forced most of the traders to stay away on the sidelines. The Dow closed down 103.8 points or 1% at 9,908.4, the Nasdaq drifted down 15.1 points or 0.7% to 2,126.05 and the S&P 500 lost 9.5 points or 0.9% to close at 1,056.7.

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