A$130b wiped off value of Australian stock market

About A$130 billion (HK$651.70 billion) has been wiped off the value of Australian shares after US President Donald Trump announced a temporary ban on travellers from Europe and the World Health Organisation declared the coronavirus that emerged in China and spread across the world a global pandemic.

The ASX 200 index fell nearly 8 per cent at its low point — the worst one-day fall since the collapse of US investment bank Lehman Brothers triggered losses in October 2008, ABC News report from Australia. The index  closed down by 7.4 percent, or 421 points, to 5,305, with consumer stocks, oil stocks, banks and miners leading the falls.

The All Ordinaries index lost 7.2 per cent or 418 points to 5,371.

The Australian dollar was down by 0.5 percent to 64.55 US cents.

The sell-off was initially sparked after the World Health Organization declared a global pandemic cuased by the new coronavirus.-chart CommSec