ASX hits two-year low after opening dive

The Australian share market is chasing Wall Street lower at the open, after a fresh rate hike knocked US stocks down overnight.

Source: AAP

Australian shares have dipped to a near-two year low, chasing Wall Street lower after a fresh rate hike knocked US stocks down overnight.

The benchmark S&P/ASX200 index was down 23.8 points, or 0.43 per cent to 5,556.8 at 1015 AEDT on Thursday, testing a December 2016 low of 5552.5.

The broader All Ordinaries fell 24.2 points, or 0.43 per cent to 5,625.8.

Losses for the heavyweight mining and financial sectors weighed on the bourse, while energy and health care stocks were also down early.

The Aussie has fallen, buying 71.14 US cents, down from 71.93 US cents on Wednesday.