SYDNEY: The Australian stocks started 1.2% weaker, dropped under 5,200 threshold as nonstop sluggishness in world oil value reflected heavily on energy and resources stocks.
At the 10.15am (AEDT) official market open, the benchmark S&P/ASX200 index was down 66.5 points, or 1.26 per cent, at 5,192.5 points, while the broader All Ordinaries index fell 64.5 points, or 1.23 per cent, to 5,172.5 points.
IG market strategist Stan Shamu said the continued slide on global markets on the back of deteriorating oil prices would flow on to the local market.
Mr Shamu said energy stocks would be predictably under pressure, but that there would also no reprieve for materials, with recent volatility expected to continue.
Overnight, oil prices dropped to fresh five-year lows, on a US government report showing a surprise increase in the country’s crude stockpiles.
Energy stocks weighed on the market, losing 2.13 per cent as a sector.
Santos slumped 6.55 per cent to $7.13, while Woodside Petroleum gave up 1.38 per cent to $34.42.
Oil Search slipped 3.17 per cent to $7.02, while Horizon Oil shed 16.67 per cent to 12.5c, the biggest loss of the morning session.
Materials also weighed, giving up 2 per cent as a sector.
BHP Billiton retreated 2.28 per cent to $28.72, while rival Rio Tinto lost 2.13 per cent to $55.20.
BC Iron was one of the worst affected in the space, losing 8.86 per cent to 36c.
Financial stocks were also a burden in early trade, with the big four banks all well into the red and the sector down 1.2 per cent.
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