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The banking sector has been particularly hard hit recently. Banks suffered another significant setback today, with major institutions such as the Commonwealth Bank (CBA)—the largest in Australia and the overall market leader—shedding approximately 2%. This marks a continuation of a downward trend that has persisted over the past five to six days, with investors evidently pulling back from bank stocks amid concerns over the financial outlook or potential market corrections.
CBA's decline dragged the broader ASX200 index down, given its weight in the Australian market. Other major banks, including NAB, Bank of Queensland, Westpac, and Bendigo Bank, also experienced heavy selling, emphasizing a widespread sell-off within the financial sector.