Australian stocks have dived more than 2 per cent in early trade, extending their losses for a seventh trading day as the coronavirus spreads.
The S&P/ASX200 index was down 140.4 points, or 2.18 per cent, at 6300.8 at 10.15am while the broader All Ordinaries index plummeted 147.3 points, or 2.26 per cent, to 6364.2 points.
The ASX result comes after US stocks fell on Friday after the Australian share market suffered its worst day in over four years, closing the day at a six-month low due to fears about the impact of the coronavirus on global growth.
The Australian dollar was buying 64.69 US cents at 10.15am, down from 65.22 US cents as the market closed on Friday.
IG market analyst Kyle Rodda said the global spread of coronavirus would hurt Australian markets further.
"Italy, Iran and South Korea reported another spike in coronavirus cases, with several countries announcing an expanding travel blacklist," he said.
"The first death from the disease was reported in the Unites States, and in Australia.
"And in what's probably the most impactful news from a markets perspective, China released its latest PMI surveys, with the data showing business activity in the Chinese economy fell to an all-time low last month."
Source: 9News https://www.9news.com.au/national/asx-australian-share-market-set-to-fall-as-coronavirus-spreads/639b2c71-3b0e-49ef-8225-b97201789606