PERTH: The Australian sharemarket slumped more than 1 per cent at the open after Wall Street fell, with the Dow dropping to its lowest level for 2015 as worries spread about the strength of the world economy.
At the 10.15am (AEST) open, the benchmark S&P/ASX200 index gave up 67.7 points, or 1.28 per cent, to 5220.9 points, while the broader All Ordinaries shed 66 points, or 1.25 per cent, to 5229.5 points.
IG chief market strategist Chris Weston said the market was experiencing “strange and mysterious times”.
“Whether you believe in technical analysis or not, global equity markets are trending lower,” he said.
“This suggests looking much more aggressively at shorting opportunities, or at least being neutral.”
Energy stocks weighed heavily at the open, giving up 2.4 per cent.
Santos fell 5.31 per cent to $5.31, after posting a steep fall in first-half profit and revealing CEO David Knox has resigned.
Woodside slumped 1.23 per cent to $31.30.
