SYDNEY — Australia's benchmark S&P/ASX 200 index fell for a third consecutive session Thursday, dragged lower by continued weakness in Commonwealth Bank of Australia shares even as the lender posted annual profit growth broadly in line with expectations.

The index was down 46.0 points, or 0.50%, to 9,163.4 as of 12:21 p.m. Sydney time, extending Wednesday's 0.45% decline, when the benchmark closed at 9,209.4 points after a session dominated by disappointing technology stocks and a heavy corporate earnings calendar.

Commonwealth Bank, Australia's largest lender by market value, remained at the center of Thursday's session after reporting its full-year results a day earlier. The bank's cash profit came in comfortably ahead of Morgan Stanley's expectations, aided by softer-than-expected expenses and a lower impairment charge. Despite the earnings beat, CBA shares extended a decline that began immediately following the results release, with market commentary attributing the continued weakness in part to the bank's confirmation of a slump in mortgage lending following the federal budget, a factor that appeared to overshadow the otherwise solid headline profit figures for investors focused on the bank's forward growth trajectory.

Justin Lin, an investment analyst at Global X ETFs, said the broader pullback across Australian shares this week likely reflected investors positioning for the heart of........

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