SYDNEY: A sell-off in produce stocks has sent the Australian stocks reeling, following quick drop in the oil value and fears about a Greek exit from the euro zone.
At the 4.15pm (AEDT) official market close, the benchmark S & P/ASX200 index had slumped 85.8 points, or 1.57 per cent, to 5364.8 points, while the broader All Ordinaries index fell 83.3 points, or 1.53 per cent, to 5346.2 points.
The losses wiped over $24 billion off the sharemarket’s value.
It followed steep falls overnight on global bourses, after oil prices sank to more-than-five-year lows as supply vastly outstrips demand.
Wall Street closed 1.8 per cent lower, while in Europe London’s benchmark FTSE 100 gave up 2 per cent and Paris’s CAC closed down 3.3 per cent. Argentine stocks plunged 6 per cent.
The local market today was on trend with weakness in Asian markets, with Tokyo stocks opening 1.76 per cent lower and Hong Kong stocks starting 0.87 per cent softer.
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