Australian shares slid on Friday's close despite gains from Asian markets fuelled by the rise in tech stocks as Chinese tech firm Alibaba Group Holdings' revenue beat estimates.

The S&P/ASX 200 Index fell 0.3% or 26.6 points to close at 8296.2.

Investors are still cautious of increasing geopolitical tensions until China implements significant structural reforms, any growth surges in stocks are likely to be temporary, Bloomberg reported.

On the domestic front, Australia's jobs data for February does not add any risks to the Reserve Bank of Australia's (RBA) concerns about market labor market tightness despite an increase in employment, ANZ Research said in a note.

Business activity in Australia's private sector rose to a six-month high in February, buoyed by growth in the services sector, according to a monthly survey by S&P Global.

In company news, Mayne Pharma Group (ASX:MYX) entered into a scheme implementation deed to be acquired by Cosette via a scheme of arrangement for AU$7.40 per share, valuing the firm at around AU$672 million. Shares of the pharmaceutical firm rose past 33% at market close.

QBE Insurance Group (ASX:QBE) reported Friday that its 2024 adjusted earnings per diluted share rose to $1.142 from $0.908 a year earlier. Shares of the group past 3% at market close.

Lastly, Domain Holdings Australia (ASX:DHG) received an unsolicited, non-binding proposal from CoStar Group, a Texas-based real estate information analytics firm, to acquire the company's shares at AU$4.20 per share in cash. Shares of the company rose 40% at market close.