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Australian stocks dive as coronavirus fears scare off investors

Published: (Updated: ) in Australian News by .

The ASX has been hammered as investors worry about the impact coronavirus will have on Chinese trading.

Australian shares have been hammered at the start of trading amid continued fears about the impact on the global economy of the coronavirus epidemic.

The Australian benchmark S&P/ASX200 index was down 113.4 points, or 1.62 per cent, at 6903.8 at 1015 AEDT on Monday, while the broader All Ordinaries index fell 120.1 points, or 1.69 per cent, to 7001.1.

The hardest hit was the energy sector, with the index down 3.77 per cent after 15 minutes of trade.

There is a slew of local financial data to come this week as the company reporting season kicks off in earnest.

But everyone will be watching to see what happens in China, when mainland stock markets for the first time on Monday since an extended break due to the deadly coronavirus epidemic.

The Australian dollar was buying 66.87 US cents, down from 67.19 US as the market closed on Friday.

AAP

Source: 9News https://www.9news.com.au/national/australia-coronavirus-fears-cause-plunge-in-asx-stock-market/1a16f960-02ef-4fe6-aeb5-f6bc14af2b01

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