* Weaker commodity prices pull down mining stocks
* Afterpay sheds nearly $9.6 bln over two weeks
* Energy stocks rise on jump in oil prices (Updates to close)
By Shriya Ramakrishnan
March 5 (Reuters) - Australian shares closed weaker on Friday, dragged down by mining and high-flying tech stocks, as remarks from U.S. Federal Reserve Chairman Jerome Powell failed to calm investors unnerved by the recent bond market volatility.
Wall Street indexes slumped overnight while Asian shares skid to one-month lows in early trade, as bond yields rose after Powell said the increase in U.S. treasury yields were not "disorderly" or one that could lead to intervention by the Fed to bring them down. S&P/ASX 200 index .AXJO ended 0.7% lower at 6,710.8 points. The benchmark index, however, recorded a weekly gain of 0.6%, as strong fourth-quarter gross domestic product data earlier this week boosted hopes of a swift economic recovery.
"Looking forward, we can expect to see more volatility in both bond and equity markets," said James Tao, market analyst at CommSec.
"A lot will depend on whether or not the (Australian) central bank will assure investors about the things they can do in terms of bond-buying programme."
Australian miners .AXMM fell as much as 3.1% to a near one-month low. MET/L IRONORE/
Global miners BHP Group BHP.AX and Rio Tinto (LON:RIO) RIO.AX dropped 2.2% and 3.3%, respectively.
Leading the decline in the mining sub-index, lithium-boron supplier Ioneer Ltd INR.AX plunged 13.6% after a discounted share placement. stocks .AXIJ fell 1.6%, mirroring overnight losses in their U.S. peers. The rise in U.S. bond yields prompted investors to lock in gains on technology-related stocks due to concerns over lofty valuations.
Buy-now-pay-later giant Afterpay APT.AX , which dropped 2.5%, has shed nearly A$12.5 billion ($9.63 billion) over the past two weeks. stocks .AXEJ stood out with gains of 2.8%, helped by strength in oil prices after OPEC and its allies agreed to extend output cuts until April. O/R
New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.4% to finish the session at 12,180.25 points.
($1 = 1.2977 Australian dollars)