SYDNEY, March 18 (Xinhua) -- The Australian share market closed firmly lower on Wednesday as market volatility continued.

At the market close the benchmark S&P/ASX 200 index was down 340.20 points or 6.43 percent at 4953.20, while the broader All Ordinaries index was down 334.00 points or 6.26 percent at 4998.80.

"Aussie shares slumped on Wednesday, with losses from most sectors and 90 percent of stocks dragging the ASX 200 down," Commsec market analyst Chanuka Herath said.

"This was more than enough to wipe out Tuesday's gains, [and] takes the losses for the week so far to around 10.5 percent and 30 percent in just 19 days."

Energy, tech and consumer discretionary stocks led losses, all down close to 10 percent.

Meanwhile national carrier, Qantas' shares plummeted by over 11 percent following an announcement by Prime Minister Scott Morrison that Australians should not travel overseas in order to reduce the spread of COVID-19.

The only exception on the market was utilities which was up 2.16 percent.

In the financial space, Australia's big banks dived with the Commonwealth Bank down (5.46 percent), ANZ down (9.67 percent), National Australia Bank down (6.97 percent) and Westpac Bank down (7.83 percent).

Mining stocks were mostly lower with Rio Tinto down (3.72 percent), BHP down (3.79 percent) and Fortescue Metals down (3.18 percent), however goldminer Newcrest was up (1.63 percent).

The country's oil and gas producers plummeted with Oil Search down (7.93 percent), Santos down (12.33 percent) and Woodside Petroleum down (8.84 percent).

Australia's largest supermarkets sank with Coles down (1.45 percent), and Woolworths down(0.63 percent).

Meanwhile telecommunications giant Telstra dropped (8.36 percent), the national carrier Qantas slumped (11.54 percent) and biomedical firm CSL plummeted (8.59 percent). Enditem

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