Australia`s local stock market fell sharply today (. (SBS photo)
Local stocks fell sharply today, with the market capitalisation of the 200 largest listed companies listed in the main index evaporating nearly 30 billion yuan within an hour of trading.
The Australian S&P/ASX200 index fell sharply after trading began, losing more than 100 points, or 1.7 percent, in an hour after the Wall Street Dow Jones Industrial Index tumbled more than 500 points overnight.
Since then, after several low shocks, the S&P/ASX200 index closed down 107.1 points, equivalent to 1.8%, to close at 5834.2 points, while the Australian Composite Index fell 104.6 points, or about 1.74%, to close at 5834.2 points. The SPI 200 index fell 100 points, or 100 points, or 1.69 percent, to close at 5831.
Stocks collapsed across the board, with banks, healthcare and technology all down more than 2 percent, and mining and energy down 2 percent.
Among the four big bank stocks, West Pacific Bank (Westpac) not only traded on the first day after interest rate removal, but also because the federal court refused to approve negotiations between Western Pacific Bank and the Securities Regulatory Commission (CSRC) (ASIC). Shares tumbled more than 5 percent to close at 26.24 yuan in a "plea negotiation" deal that fined the bank 35 million yuan for illegal lending. Federal bank (CBA), National Bank (NAB) and Australian New Zealand Bank (ANZ) lost 1.2 to 1.5 percent respectively, while investment bank Macquarie Group (Macquarie Group) tumbled 2.1 percent to close at 119.43 yuan.
Energy stocks fell 1.9% as international crude oil prices continued to fall. Woodside Petroleum and Oil Search fell 2.4 percent and 2.7 percent respectively, while Santos and Origin Energy lost 1.9 percent and 1.7 percent, respectively.
Major mining stocks were also hit, with Rio Tinto (Rio Tinto) down 2.5 percent to 80.51 yuan and BHP Billiton (BHP) down 1.7 percent to 32.85 yuan.
Major healthcare companies were also among the worst hit, with CSL down 2.6 percent to close at 187.89 yuan, while Cochlear and ResMed lost 4.2 percent and 3.2 percent, respectively.
Some of the losses in the Australian dollar`s recovery of early trading in the local currency market were $72.16 at 4: 30pm, slightly lower than the $72.42 it had closed the day before yesterday.
Sydney gold prices continued to soften, falling from $1208.72 an ounce at today`s local gold market to $1204.60 at 04:30 this afternoon.
