AUSTRALIAN shares rallied late, but closed slightly lower on Friday after being dragged down by the banks.
Investors were restrained after strong gains on Thursday.
IG market strategist Stan Shamu said investors were moving out of dividend paying yield plays, including the banks and Telstra, and into the riskier miners.
"The market cap of the banks is phenomenal, they have been cooked for a while and a lot of investors feel there is no value at the moment," he told AAP.
The four major banks represent four out of the six largest stocks on the exchange, meaning if they all fall then the overall market is likely to follow.
The Commonwealth Bank was down 15 cents at $72.85, ANZ had shed 16 cents at $29.23, NAB had lost 17 cents at $30.57 and Westpac was 14 cents lower at $30.77.
Telstra's share price has also been trading at near record highs, but fell five cents, or nearly 1.0 per cent, to $5.08.
The miners benefited from strong Chinese import and demand for raw materials data.
Rio Tinto shares were up 77 cents, or 1.29 per cent, at $60.25, while BHP Billiton was up 63 cents at $35.94, both companies' highest level in five months.
KEY FACTS
* At the close on Friday, the benchmark S&P/ASX200 index was down 9.6 points, or 0.19 per cent, at 5,055.2, which was a 1.2 per cent fall for the week.
* The the broader All Ordinaries index was down 8.3 points, or 0.16 per cent, at 5,038.8.
* At 1645 AEST on the ASX 24, the September share price index futures contract was three points higher at 5004 with 27,881 contracts traded.
* The spot price of gold in Sydney finished at $US1308.35, up $US14.85 from $US1293.50 on Thursday.
* National turnover was 1.4 billion securities worth $3.6 billion.
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