More than $100billion is wiped off the Australian stock exchange in ONE HOUR as global markets tank amid coronavirus panic
- The benchmark S&P/ASX200 plunged by 5.2 per cent on Monday morning
More than $100billion has been wiped from Australian shares as new coronavirus cases spark panic among investors.
The benchmark S&P/ASX200 plunged 5.2 per cent within the first hour of trade, falling further below the 6,000-point level to hit 5,892 points.
The market capitalisation of the Australian Securities Exchange has plummeted by more than $97.5billion, compared with Friday’s close, marking the worst downturn since October 2008 at the height of the global financial crisis.
Energy stocks took the biggest with Oil Search plunging 27 per cent to $3.74.
CMC Markets chief market strategist said coronavirus fears and a slump in crude oil prices was behind the share market plunge.
‘Definitely since GFC impacts we haven’t seen fall like this,’ he told Daily Mail Australia on Monday.
More than $120billion has been wiped from Australian shares within minutes as new coronavirus cases spark panic among investors