Worst day ever for ASX as it falls 9.7pc

AUSTRALIA’S share market has suffered its worst loss in history as the coronavirus epidemic worsens, with another $182 billion in value wiped from the books.

The benchmark S&P/ ASX200 finished down 537.3 points, or 9.7 per cent, to 5002, eclipsing an 8.3 per cent drop back on October 10, 2008, during the height of the global financial crisis.

The plunge put the index back to levels last seen in April, 2016, and came despite the US Federal Reserve dropping its benchmark interest rate to zero in an emergency stimulus measure.

The ASX200 has now lost 30.5 per cent of its value in the 3½ weeks of tumultuous trading since February 20.

The broader All Ordinaries index meanwhile sank 532.5 points, or 9.52 per cent, to 5058.

The plunge wiped out hopes that the market had hit bottom on Friday morning, a day that started with the market dropping 8.1 per cent cent only to rebound in the afternoon and close up 4.4 per cent.

Markets seemed to turn around early yesterday morning after the Federal Reserve made its announcement, which also included buying $US700 billion worth of bonds and mortgage-backed securities, with Dow futures pointing to a big drop when the market opened later yesterday.

Just three of the ASX200 were in positive territory, including Telstra, which rose 1.8 per cent to $3.38.

The Aussie dollar meanwhile sank to 60.96 US cents, its lowest level against its US counterpart since 2003.

At close, it had rebounded slightly, buying 61.60 US cents.