The benchmark S&P/ASX200 index on Friday finished down 72.7 points, or 0.87 per cent, to 8,283.2, while the broader All Ordinaries dropped 72.9 points, or 0.85 per cent, to 8,551.2.
For the week, the ASX200 still rose 0.84 per cent - its second straight week of gains.
"Shares continue to face the risk of another correction, but the broad trend is likely to remain up," AMP chief economist Shane Oliver said.
There were a number of risks including a recession, expansion of the war in the Middle East and a Donald Trump US presidential victory sparking a trade war, but global tailwinds included success in controlling inflation, central bank rate cuts and China ramping up policy stimulus, Dr Oliver said.
"October can often see high levels of share market volatility, but beyond that we are coming into a positive time of the year for shares from a seasonal perspective," he said.
All the ASX's 11 sectors finished lower on Friday, with utilities the biggest loser, dropping 3.5 per cent, dragged by APA Group.
The pipeline operator fell 6.3 per cent to a decade-low of $7.16 after its biggest shareholder, Unisuper, sold $500 million worth of shares in a huge block trade.
Flight Centre had an even worse day, plunging 20.4 per cent to a one and a half year low of $17.20 after the online travel agent issued a poorly received trading update.
RBC Capital Markets analyst Wei-Weng Chen said while the details were incomplete the update suggested a large downgrade to consensus first-half earnings estimates.
Peers WEB Travel Group and Corporate Travel Management have also recently downgraded earnings, too, Mr Chen said.
Corporate Travel Management dropped 9.5 per cent on Friday, while WEB Travel Group fell 4.1 per cent and Webjet Group dipped 2.4 per cent.
The big four banks were mixed, with Westpac down 0.4 per cent to $32.41 and ANZ dropping 0.7 per cent to $31.59, while CBA added 0.6 per cent to $142.85 and NAB grew 0.2 per cent to $39.18.
In the heavyweight mining sector, BHP and Rio suffered their third straight day of losses, falling 2.2 per cent to $42.06 and 0.9 per cent to $117.62.
Fortescue fell for a second day, losing 1.9 per cent to $19.54.
Goldminers were mostly ascendant as the precious metal hit a record high of $US2,714 an ounce, up more than 30 per cent since the start of 2024.
De Grey rose 1.5 per cent, Westgold climbed 4.4 per cent and Northern Star grew 0.3 per cent, although Evolution dipped 0.2 per cent.
In health care, Telix Pharmaceuticals climbed 4.6 per cent to a record high of $21.96 after the radiopharmaceutical company announced it had brought in $201 million in revenue in the September quarter, up 55 per cent from a year ago.
"Our achievements over the past quarter reinforce Telix's leadership in the radiopharmaceutical sector," CEO and managing director Christian Behrenbruch said.
The Australian dollar was buying 67.03 US cents, from 66.90 US cents at Thursday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Friday down 72.7 points, or 0.87 per cent, at 8,283.2
* The All Ordinaries dropped 72.9 points, or 0.85 per cent, at 8,551.2.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 67.08 US cents, from 66.90 US cents at Thursday's ASX close
* 100.53 Japanese yen, from 100.00 yen
* 61.89 euro cents, from 61.64 euro cents
* 51.39 British pence, from 51.52 pence
* 110.63 NZ cents, from 110.31 NZ cents
15°C