A late bounce has failed to take Australia's share market higher as economic concerns, weaker commodity prices and valuation worries weigh on sentiment.

The S&P/ASX200 fell 11.7 points on Wednesday, down 0.13 per cent to 8,802 as the All Ordinaries fell 27 points, or 0.3 per cent, to 9,071.2.

The top-200 had tumbled almost 80 points to six-week lows, but buyers stepped in to stem the losses in the afternoon.

A barrage of factors were behind the downswing, which echoed at higher magnitudes in indices from Wall Street to Japan's Nikkei and South Korea's KOSPI index, IG Markets analyst Tony Sycamore said.

"It's been a perfect storm, a series of catalysts," Mr Sycamore told AAP.

Local economic concerns, uncertainty about future US rate cuts, equities' unrelenting rally since April's Liber

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