The benchmark S&P/ASX 200 index was down 17.3 points, or 0.38 per cent, at 4583.10, while the broader All Ordinaries was down 16.6 points (0.35 per cent) at 4666.60.
On the ASX 24, the June share price index futures contract was 21 points lower at 4585 points, with 28,846 contracts traded.
The close of trading today brought the fifth weekly loss in six weeks at the ASX.
Volumes were light as investors sat back after yesterday's heavy losses and ahead of important non-farm payroll data to be released tonight in the US.
"It's a pretty quiet end to another ordinary week on the local market," IG Markets strategist Ben Potter said.
The S&P/ASX 200 index dropped by 2.2 per cent over the week, and the All Ordinaries fell by 2 per cent.
"The same recent headwinds have continued to erode investor sentiment as the market continues to worry about the European debt situation and the slowdown in global economic growth that the latest data has been suggesting," Mr Potter said.
The release of disappointing US jobs data on Wednesday sparked significant falls yesterday and investors had therefore lowered their expectations for the payroll numbers tonight, he said.
ASX resource stocks lost ground today, due to slight falls in commodity prices.
BHP Billiton dropped 32 cents to $43.23, Rio Tinto lost 34c to $79.76 and Fortescue Metals was steady at $6.46.
Energy stocks also lost ground, with Woodside down 16c to $45.70 and Santos off 16c to $14.11.
Bank stocks traded higher for most of the session after significant falls yesterday, but weakness returned as the close neared.
Commonwealth Bank added 11c to $49.51, while National Australia Bank lost 13c to $24.30, Westpac dropped 10c to $21.35 and ANZ fell by 7c to $21.37.
Defensive stocks were among the best performers, led by Telstra, which gained 4c (1.34 per cent) to $3.03.
Foster's shares also rose, due to speculation about a takeover bid from Mexico's Modelo Group and Canada's Molson Coors. Shares of Foster's added 15c (3.5 per cent) to $4.43.
Qantas lost 6c (2.87 per cent) to $2.03, after offering voluntary redundancies to its cabin crew in response to high oil and jet fuel prices.
Virgin Blue shares slipped 0.5c to 28c.
Preliminary national turnover was 1.83 billion securities worth $4.64 billion, with 472 stocks up, 612 stocks down and 389 unchanged. For the latest updates PRESS CTR + D or visit Stock Market news Today
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