The Australian Securities Exchange (ASX) has fallen more than 1.5% for a second day. The ASX200 dipped down 89.8 points, surrendering gains of over 90 points in that day’s early trade. Despite technical trading occurring on the index, indicators can only go so far in offsetting the general bearish sentiment stemming from Coronavirus fears.
The ASX has not been stuck permanently on a downwards trajectory, with big rallies upwards seeing gains of around 7% this past Monday, which were since eroded as the week progressed. Still, a net gain of 4.65% is far better than a lot of other markets compared to Australia, but it seems no index is immune to bearish sentiment at present.
Australia’s big four banks all finished the week lower, with the Commonwealth Bank down 1.9%, Westpac down 2.9%, ANZ falling 2.2% and NAB down 2.4%.
At date of publication, the Australian dollar currently buys:
- 60.63 United States cents
- 65.43 Japanese yen
- 55.96 Euro cents
- 49.00 British pence
- 102.63 New Zealand cents