On Monday, the heavyweight financial sector remained a drag on the market, with National Australia Bank (NAB) the worst performing of the big banks after saying it had decided not to hike its mortgage rates despite its rivals doing so - sacrificing margins in the process. NAB shares were down 0.65 per cent at $27.69, compared to a slight gain for CBA and declines of about 0.49 and 0.4 per cent for ANZ and Westpac respectively. NAB ended the week on $27.38.

On Tuesday, healthcare stocks were down after key market performer CSL fell to a near-four week low during the day's trading, finishing 0.7 per cent down to $210.63. CSL ended the week on $210.98. Also, on Tuesday the Australian dollar came under pressure due to continued economic hostilities between the US and China and possible trade tariff escalation. The Aussie was buying 71.27 US cents, up from 71.01 on Monday.

On Wednesday, resource stocks retreated on concerns about impact on the Chinese economy, with global miner BHP dipping 0.3 per cent to $31.10 and Rio Tinto falling 0.4 per cent to $71.06. The financial sector partnered with the miners to pull the Australian market down due to the banking royal commission turning its attention to insurers. Major insurers QBE and Suncorp retreated 0.4 per cent and 1.7 per cent respectively. Junior insurer Freedom Insurance (FIG) tumbled 20 per cent to 12 cents after damaging revelations about its high-pressure insurance sales practices on Tuesday. 

On Thursday, on the ASX, the latest hearings at the royal commission struck another blow to the financial sector, weighing down the market further. CBA, ANZ and NAB all fell more than 1 per cent, closing at $71.18, $28.06 and $27.30 respectively. Westpac dropped 0.6 per cent to $27.57.

At the close of weekly trading, the gold price finished at $1,206.40 per ounce and the WTI oil price traded at $68.63 a barrel.