Australian shares closed lower on Friday. The Australian market sunk further into the red and languished in negative territory amidst gloomy economic news from here and overseas, according to CMC Markets.

On Friday Asian markets closed mixed in a volatile trading session. Japan's Nikkei 225 Average climbed 1.5%, while South Korea's Kospi rose 0.8%. China's Shanghai Composite was down 1.8% and Hong Kong's Hang Seng Index fell 0.7%. Tokyo stocks slid more than 3 percent on Monday after the news that U.S. government will take a large stake in Citigroup. South Korean stocks also made a weak start today, weighed down by the deepening financial jitters and the weakening local currency.

Yesterday the Australian shares posted a modest gain as the market saw the rising oil prices and increased optimism about the outlook for commercial banks. The benchmark S&P/ASX200 index rose 18 points, or 0.54 per cent, at 3345.5, while the broader All Ordinaries index was 15.9 points higher, or 0.48 per cent, to 3297.4.

Yesterday the Australian market closed slightly lower. The benchmark S&P/ASX200 index was down 0.6%, or 19.9 points, at 3488.7, while the broader All Ordinaries index dropped 0.5%, or 17.2 points, to 3428.6.

Compumedics (ASX:CMP)(PNK:CUPDF) Leading Australian-based medical diagnostic devices company updates the market on its recent activities in the following letter from its Chairman, Mr David Burton.

Yesterday the Australian shares closed slightly lower with the benchmark S&P/ASX200 index down 0.3%, or 9.3 points, at 3428.6, while the broader All Ordinaries index declined 0.3%, or 9.7 points, at 3372.6. The market opened higher after the positive lead from the US and UK, but could also be rocked by the earnings of NAB and News Corp.

On Friday, the Australian share market closed down to a near five-year. The benchmark S&P/ASX200 index was down 144.1 points, or 4.13 per cent, at 3,342.7 while the broader All Ordinaries index fell 131.6 points, or 3.83 per cent, to 3,300.3. The market is expected to stabilize today after the good leads from US and European stock markets.

Yesterday the Australian stock market slumped more than 3% with the negative lead from UK. The benchmark S&P/ASX200 index ended 112.7 points, or 3.1%, lower at 3,476.6, the lowest level in two months, while the broader All Ordinaries lost 106 points, or 3%, to 3,425.

On Monday, the Australian share market closed around four per cent higher, boosted by gains in the financial and resources sector and a rally on United States markets on Friday. Meanwhile, bargain hunters took the buying opportunity to snap cheap stocks. Energy sector was also pushed up by the higher oil price as well as the Santos takeover talks. The benchmark S&P/ASX200 index gained 141.7 points, or 4.06 per cent, to 3,631.6, while the broader All Ordinaries was up 126.6 points, or 3.69 per cent, at 3,553.8. The news a short-term rescue package for the US carmakers expected to be unveiled may strengthen the market sentiment today. Resource stocks would also gain after commodity prices advanced.

Today is going to be another tough day after Wall Street stocks tumbling in late trade overnight as investors worry governments around the world will fail to avert a global recession.