Viewing Gallery At The Australian Securities Exchange
Viewing Gallery At The Australian Securities Exchange

ASX tumbles after big US tech sell-off

The Australian share market plunged firmly in the red on the back of a massive sell-off in Wall St tech stocks and 7.5 per cent drop in the oil price.

The S&P/ASX200 closed 2.15 per cent lower at 5878.6, while the All Ordinaries Index slumped 2.12 per cent to 6058.9

CommSec analyst Steve Daghlian said the largely across-the-board decline, following Friday's 3 per cent tumble, dragged the local market to lows not seen in weeks.

The US tech sell-off included Tesla's share price plummeting after it surprisingly missed out on inclusion in this year's S&P 500 index.

UK-based AstraZeneca putting a promising COVID-19 vaccine trial on pause due to illness in a trial patient was a dampener, sending shares in healthcare heavyweight CSL, which plans to manufacture the drug in Australia, 2.49 per cent lower to $281.

Oil Search slumped 7.79 per cent to $2.96, Beach Energy sank 9.18 per cent to $1.33 and Woodside gave up 4.38 per cent to $18.36.

Oil stocks including Woodside fell after the price of the commodity dropped.
Oil stocks including Woodside fell after the price of the commodity dropped.

Local buy now pay later companies followed the US tech sector fall, with Afterpay down 1.32 per cent to $74.05 and Zip Co losing 2.07 per cent to $6.61.

ANZ slid 3 per cent to $17.81, Commonwealth Bank gave up 2.48 per cent to $66.79, National Australia Bank retreated 2.57 per cent to $17.44 and Westpac shed 3.34 per cent to $17.07.

Rio Tinto was 0.2 per cent lower at $99.08, BHP backtracked 1.68 per cent to $36.78 and Fortescue slipped 2.7 per cent to $18.

Some safe haven gold stocks were higher, with Perseus Mining up 0.37 per cent to $1.33, but Australia's biggest miner of the precious metal Newcrest was 0.76 per cent lower at $31.24.

Bunnings owner Wesfarmers was 2.42 per cent lower at $45.08, airline Qantas lost 4.16 per cent to $3.92 and Telstra declined 2.05 per cent to $2.86.

The Aussie dollar was fetching 72.13 US cents, 55.71 British pence and 61.29 Euro cents in afternoon trade.

Originally published as ASX tumbles after big US tech sell-off


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