ASX 200 hits five-month low as Australian stocks slide
The ASX 200 has dropped to its lowest level in almost five months, falling as much as 2.16 per cent to an intraday low of 8,450 points before closing down 1.94 per cent at 8,469 points, News.Az reports, citing Australian media.
The broader All Ordinaries index ended the day 1.99 per cent lower at 8,738 points, resulting in a loss of more than $59 billion in market value across Australian stocks.
Market analyst Tony Sycamore noted that the ASX 200 has fallen 7.3 per cent over the past month, erasing a cumulative $220 billion from the market capitalisation of the Australian stock market.
Asian markets also suffered, with the Tokyo Stock Exchange’s Nikkei index falling 3.12 per cent to 48,751 points.
It was a day of steady decline for Australian equities.
The ASX 200 Information Technology sector fell the furthest, tumbling 3.27 per cent.
Locally, on the ASX, 175 stocks finished in the red.
TechnologyOne Ltd finished at the bottom, down 17.2 per cent. This is unsurprising given that annual profits fell short of analyst expectations. It's looking like today has been the company's worst day of trading in nearly 23 years.
The technology sector finished down 3.27 per cent, followed by basic materials, down 2.77 per cent, and academic and educational services, down 2.54 per cent.
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