Aust shares close lower amid uncertainty The Australian share market extended its losses on Wednesday 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. Most sectors on the local market closed lower on Wednesday, with the banks leading the falls. National Australia Bank was 35 cents, or 1.23 per cent, worse at $28.05, ANZ shares dropped 33 cents, or 1.23 per cent, to $26.55, Commonwealth Bank had shed 28 cents, or 0.43 per cent, to $65.12 and Westpac was 34 cents, or 1.22 per cent, lower at $27.47. Making news, gold miner Newcrest Mining defended its actions surrounding last week's writedowns and job cuts, denying it had breached disclosure rules or selectively briefed analysts beforehand. On Wednesday, it was again underperforming the market, down 10 cents, or 0.83 per cent, to $11.93, with all of the major miners down. Rio Tinto was 17 cents lower at $52.82 while BHP was 13 cents poorer at $32.97. Meanwhile, high dividend payer telco Telstra is posting gains, up one cent, or 0.22 per cent, to $4.61. At the close on Wednesday, the benchmark S&P/ASX200 index was 32.6 points, or 0.69 per cent, lower at 4,724.5. The broader All Ordinaries index was down 32.8 points, or 0.69 per cent, at 4,716.1. The June share price index futures contract was 39 points lower at 4,726, with 27,278 contracts traded. The spot price of gold in Sydney finished at US$1377.39, down US$5.21 from Tuesday's close at US$1382.60. National turnover was 1.6 billion securities worth $4.3 billion.