The local bourse has snapped its four-day winning streak, retreating from the previous day's all-time high amid geopolitical jitters after Ukraine fired American-made ballistic missiles into Russia for the first time.
The benchmark S&P/ASX200 index on Wednesday finished down 47.7 points, or 0.57 per cent, to 8,326.3, while the broader All Ordinaries dropped 50.1 points, or 0.58 per cent, to 8,579.1.
In currency, the Australian dollar was at an eight-day high against its US counterpart, buying 65.26 US cents, from 65.08 US cents at Tuesday's ASX close.