Fear of a sharp slowdown in global economic triggered a panic sell-off in global stock markets that spread to Australia yesterday. (photo by Sydney Morning Herald)
Australia`s stock market suffered its biggest fall in 12 weeks, with four big bank stocks, big mining stocks and energy stocks collapsing, hitting the market.
The Standard & Poor`s / Australian Stock Index (S&P/ASX200) closed down 69 points, or about 1.11 per cent, at 6126.2. The Australian Composite Index fell 72.2, equivalent to 1.15 percent, to a low close of 6208.7.
It was the first trading day of the year, when the Australian Stock Exchange was down 1.57 percent since January 2, the biggest loss on the Australian Stock Exchange.
The S & P / ASX 200 lost 60.7, or about one percentage point, to 6134.5 in 15 minutes after the Australian stock market opened in the morning. By noon, the index was down 74.2, or about 1.2 percent, at 6121. Late trading slightly rebounded slightly narrowed decline, but the total value of the stock market evaporated 20.5 billion yuan.
Local stock market is to undertake overseas stock market panic sell-off and drop. Fears of a slowdown in global economic growth were triggered by worse-than-expected economic figures in manufacturing and services, with the FTSE 100 (FTSE) index in London, the DAX stock index in Germany and the three largest U.S. indexes all down at least 1.5 percent on Friday.
Crude oil prices and industrial metals prices are also weak, leading to the local energy and mining stocks suffered a severe blow.
Tech stocks fell the worst, with the index losing 4.03 percent, with Wisetech Global slumping 4.46 percent to close at 22.28 yuan. Afterpay Touch fell 5.33 percent to close at 19.55 yuan. Altium plummeted 8.4 percent to 32.07 yuan.
ANZ Bank (ANZ) lost 2.26 percent to $25.92, leading the four biggest banks. Federal bank (CBA) fell 0.91 percent to 70.78 yuan. Western Pacific Bank (Westpac) fell 1.47 percent to 26.12 yuan. National Bank (NAB) fell 0.88 percent to 24.87 yuan.
Among the big mining stocks, BHP Billiton (BHP) fell 1.28 percent to 37.13 yuan, while South 32 fell 2.84 percent to 3.76 yuan. Rio Tinto (Rio Tinto) also fell 1.1 percent to 93.13 yuan.
But most gold mining stocks rose against the market, with Xinfeng gold mine (Newcrest) soaring 3.19 percent to 26.20 yuan. But the Dacian Gold gold mine reported problems in production in Western Australia due to supplies of underground equipment, subducting 7.35 percent to $2.27 before gasping.
But the Australian dollar recovered in the local currency market, rising from 71.08 cents to 70.82 cents.
