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ASX: the Australian stock market falls with the spread of coronavirus

Australian equities plunged over 2% into early trading, extending their losses for a seventh trading day as coronavirus it spreads and wipes out around $ 44 billion from their market.

The S & P / ASX200 index fell 140.4 points, equal to 2.18%, to 6300.8 at 10.15 while the broader All Ordinaries index plummeted 147.3 points, or 2 , 26%, at 6364.2 points.

The ASX result comes after U.S. equities slumped on Friday after the Australian stock market underwent its worst day in over four years, closing the day at a six-month low due to concerns about the impact of coronavirus on global growth.

Australian equities fell again.
Australian equities fell again. (Provided)

The Australian dollar was buying 64.69 US cents at 10.15 am, down from 65.22 US cents since the market closed on Friday.

Market analyst IG Kyle Rodda said that the global spread of coronavirus would further harm Australian markets.

“Italy, Iran and South Korea have reported another spike in coronavirus cases, with several countries announcing an expanding blacklist of trips,” he said.

“The first death from illness has been reported in the United States and Australia.

“And in what is likely to be the most impactful market news, China has released its latest PMI surveys, with data showing that business activity in the Chinese economy has fallen to historic lows of the month. last”.

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