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ASX’s Worst Day Ever: $160bn Lost Amid Heavy Trade

SYDNEY: The Australian Stock Exchange yesterday had another horror day, losing around $160 billion and falling almost 10 percent yesterday in one of the worst days of trading in the market’s history.

The ASX’s previous biggest fall was 8.3 percent during the Global Financial Crisis in 2008. The ASX plummeted amid coronavirus fears and news that the US Federal Reserve had cut interest rates to near zero.

The Reserve Bank says it will do what it must to keep financial markets operating, saying it stands ready to buy government bonds. 

In Canberra, the Federal Government was also reportedly considering a second stimulus plan for business and households as the global economy deteriorates.

At the end of trading, Telstra was the only speck of green among the tech stocks, up just under two percent, with pizzamaker Domino‘s trailing behind as investors weighed into companies expected to benefit from the stay-at-home orders dished out by the COVID19 cops.

The rest of the tech sector looked like a car wreck, as more companies told staff to work from home – or take leave until the coronavirus crisis is over.

Alarmed by the dramatic fall in the ASX, the Australian Securities and Investment Commission has stepped in to limit trading. ASIC has told large volume operators to lower their number of trades by 25 percent to clear a backlog of work that piled up on the weekend after last week’s ASX rout.

In the USA, Wall Street indices hit “limit down” mode, an innovation that prevents prices dropping more than 5pc, in a bid to prevent further losses.

 

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