Gas miners Santos and Senex saw some of the biggest falls of the day, down 13.7 and 9.6 per cent respectively.
The cause of the stock run-out is investor angst over the Chinese economy’s strength as growth estimates are revised below the 7 per cent mark for 2016 and the government’s decision to devalue the yuan.
The Shanghai Composite Index closed more than 4 per cent down on Friday, topping off a turbulent week for investors, which saw the index fall a total of 12 per cent.
It came after the Chinese government in early August opted to devalue the yuan in an effort to bolster in-country business activity and exports. The government trimmed its currency’s value against the US dollar by more than 3 per cent.