THE Australian share market was witnessed to end at a moderately lower level today, squeezed by weakness among financial stocks.

The benchmark S&P/ASX 200 index was recorded to lowered 16.6 points, or 0.37 per cent, at 4413.1 points. While, the broader All Ordinaries index registered a squeeze 16.9 points (0.38 per cent) touching 4436.7 points.

On the Sydney Futures Exchange, the June share price index was witnessed to slip 27 points lower at 4411 points, with 30,380 squeezes traded.

Australian stocks initiated, on average, about 0.3 per cent lower at the start of the trading, however, managed to recuperate slightly during the afternoon, with banks underperforming the broader market.

ANZ witnessed a closing level lowered by 1 cent at $22.30, Commonwealth Bank slipped 38c to $50.99, NAB squeezed 29c to $24.34 and Westpac marked a fall 20c at $22.75.

CMC Markets analyst David Taylor, explained, "Our big four banks are facing a number of headwinds at present, including widespread rotation out of cyclical stocks, lower risk appetite, exposure to the deteriorating euro zone and the euro, as well as margin pressures".

The highly disappointing stock among the S&P/ASX 100 was engineering company Downer EDI and among financial stocks that showed improvement on the ASX today were AXA Asia Pacific Holdings, which closed up 2c at $5.84.