Australian shares slide after record-breaking ride

The ASX shares board.
The mining sector was the biggest loser, dropping 1.7 per cent on the back of falling metal prices. -AAP Image

The local bourse has dropped almost across the board - but the losses waned in the afternoon to extend its winning streak to three weeks.

The benchmark S&P/ASX200 index - which was down as much as 1.4 per cent in the first 10 minutes of trading - finished Friday 64.9 points lower at a one-week low of 7,971.6, a drop of 0.81 per cent.

The broader All Ordinaries dropped 63.5 points, or 0.77 per cent, to 8,209.2.

The Australian dollar was at a more than two-week low against its strengthening US counterpart, buying 67.00 US cents, from 67.40 US cents at Thursday's ASX close.