The materials sector was the biggest loser, dropping 1.2 per cent, while telecommunications rose. -AAP Image
The local bourse has lost ground, with overnight testimony by Fed chairman Jerome Powell proving insufficient to break the market out of its trading range.
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After being down as many as 47.7 points, or 0.6 per cent, in the first hour of trading on Wednesday, the benchmark S&P/ASX200 index clawed its way to finish 12.9 points lower at 7,816.8, a loss of 0.16 per cent.
The broader All Ordinaries dropped 16.9 points, or 0.21 per cent, at 8,058.3.
The Australian dollar was buying 67.43 US cents, from 67.46 US cents at Tuesday's ASX close.
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