Share prices closed lower, succumbing to a continuation of profit-taking which has taken the market off record highs reached on Monday, dealers said. They said there were falls across all sectors with energy stocks noticeably lower as oil prices came off record highs struck earlier in the week. The key S&P/ASX index closed down 22.2 points or 0.52 pct at 4,277.9, off a high of 4,296.8 and above a low of 4,273.2. On Monday the index hit a fresh intra-day high of 4,321.7. The broader All Ordinaries index fell 23.2 points to 4,232.1 today. Dealers said trading was light with portfolio adjustments ahead of the end of the June fiscal year dominating, while the expiry of exchange traded options tomorrow also influenced trading. They said investors were reluctant to push prices higher as the market's rally from a low touched in early May had put price earnings multiples close to long-term historical averages. Dealers said further evidence of a slowing domestic economy, provided by Westpac-Melbourne Institute's leading indicator of economic activity, saw investors continue to favor stocks with exposure to the global economy.