The Australian share market has pulled back after two days of gains, as lower oil prices pulled down energy producers and as warnings mounted of worsening economic conditions because of the coronavirus pandemic.

The S&P/ASX200 benchmark index finished Wednesday down 21.4 points, or 0.39 per cent, to 5,466.7 points, having jumped by as much as 44.9 points at the open on a strong Wall Street lead.

The All Ordinaries index closed down 19.2 points, or 0.35 per cent, to 5,523.3.

The Australian dollar was buying 63.81 US cents, down from 64.10 US cents at the close of markets on Tuesday.