Australian stocks have been battered this morning as the local bourse follows the journey south of the US stock markets.
Australian stocks have been battered this morning as the local bourse follows the journey south of the US stock markets.
Earlier today, the All Ordinaries was down nearly 7 per cent before recovering to about 5 per cent below Friday’s close just before midday.
Stock markets in New Zealand, Singapore and South Korea have also been battered this morning by the loss of confidence in the US which caused a stampede last Friday. The Dow lost 616.78 points (or about 5 per cent) to close at 10,305.77, while the Nasdaq composite sank nearly 10 per cent (or 356.7 points) to close at 3,320.02.
Local technology stocks crashed in early trade, with some losing more than 40 per cent of their value. Sausage Software, eisa, Reckon and Open Telecommunications were some of the worst hit, losing nearly 30 per cent of their value in less than an hour of trading.
