Australian share market goes into freefall over coronavirus fears losing $50 BILLION in minutes
- ASX 200 went from a record closing high of 7,162 last Thursday to 6,441 today
- Australian dollar has remained fairly strong amid panic, buying 65.77 US cents
Australia’s share market has smashed through 10 per cent of losses since its record high last week with another 3.25 per cent fall in early trade.
In just one week, the benchmark S&P/ASX200 went from a record closing high of 7,162 last Thursday to 6,441 by 10:10am today.
The Australian Securities Exchange has now fallen for the sixth straight session while the Australian dollar has fallen below 66 US cents for the first time in a decade.
The plunge continued earlier this week after the US Centres for Disease Control and Prevention warned the respiratory illness that originated in China would become a global problem.
‘Current global circumstances suggest it’s likely this virus will cause a pandemic,’ the agency’s principal deputy director Dr Anne Schuchat told reporters.
The Australian dollar has remained fairly strong considering the international share market panic, buying 65.77 US cents.
In just one week, the ASX 200 went from a record closing high of 7,162 last Thursday to 6,441 by 10:10am today