Australian shares were hammered at the start of trading amid continued fear about the impact on the global economy of the coronavirus epidemic.
The Australian benchmark S&P/ASX200 index was down 94.6 points, or 1.35 per cent, at 6922.6 at 1030 AEDT on Monday.
The broader All Ordinaries index fell 101.1 points, or 1.42 per cent, to 7020.2
Energy was the hardest hit sector after half an hour of trading, with the index down 3.49 per cent.
Oil prices are lower again on mounting worries about the economic damage to flow from the fast-spreading coronavirus that has killed more than 200 people.
Gas and oil producer Oil Search’s shares were down more than 7.5 per cent at $6.69 at 1030 AEDT.
The whammy came after it told the market the PNG government has ended talks on the massive P’nyang gas expansion.
Big miners were also down, with Fortestcue Metals Group losing 36 cents, or 3.16 per cent, to $11.03.
Travel shares were pummelled again, Qantas lost 14 cents, or 2.18 per cent, to $6.72 and Flight Centre was down 97 cents, or 2.47 per cent, at $38.34.
Gold miners surged as demand for the precious metal keeps rising as investor look for safe haven assets.
Newcrest was up 41.5 cents, or 1.41 per cent, at $29.94.
There is a slew of local financial data to come this week as the company reporting season kicks of in earnest.
But everyone will be watching to see what happens in China, when markets reopen for the first time since January 23 on Monday afternoon, Australian time.
The Australian dollar was buying 66.93 US cents, down from 67.19 US as the market closed on Friday.
AAP
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