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Black Monday stock exchange double kill, Australian stock loss 155 billion yuan

Source: xkb.com.au
[Economic News]     09 Mar 2020
Global panic, triggered by the new crown pneumonia, plunged 30 per cent in original international oil prices, causing the australian stock market to open today and further expand its losses in the afternoon, closing with local listed companies losing more than 155 billion yuan in total market value and two major indexes falling below the 6000 mark.

"Black Monday" has brought down stock market investors


Global panic, triggered by the new crown pneumonia, plunged 30 per cent in original international oil prices, causing the australian stock market to open today and further expand its losses in the afternoon, closing with local listed companies losing more than 155 billion yuan in total market value and two major indexes falling below the 6000 mark.

Overall, the international crude oil market, the Australian and Australian stocks, and other stocks in the Asia-Pacific region are all on "Black Monday" today, with local stocks suffering their worst day since the world financial crisis of August 2008.

At two and a half p.m., the benchmark S & P/ A 200 index (S&P/ASX 200index) lost 350 points, down 5.6 per cent to 5,867. The Australian Composite Index also fell 5.7 per cent to 5,930.

But then Australia collapsed again, closing at a sharp 455.6 drop of 7.33% to a two-year low of 5,760.6. The Australian Composite Index was down 465.1, losing 7.4% to 5,822.4.

The local stock market is facing the worst trading day in more than a decade, James Tao said after the start of the afternoon session.

Energy stocks, the hardest hit, fell as much as 20 per cent today, largely in a global oil-price war triggered by the panic rise in the new crown of pneumonia. Brent oil, which used to be as high as $48 a barrel in January, fell to $46 a barrel last Friday and further to $31.48 a barrel today.

The Australian dollar was also sold off, falling to 63 cents at a time when so-called "flashbacks" appeared in local currency markets -- the lowest level since the global financial crisis. But later the australian dollar gradually recovered to 65.40 cents, but still below the opening 66 cents.

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