The ASX 200 closed at its lowest level since January 28 today.
Since nearly breaching the 6,000 point level on March 1 the index has now fallen 6.2%.
ASX 200 Daily Chart
The chief catalyst behind the recent decline has been the performance of its largest sector — financials.
Since hitting a multi-year peak on March 18 the ASX 200 financials index (XFJ) has now fallen 11.4%, larger than the 10% decline that defines a technical correction.
ASX 200 Financials Index