Australian shares close sharply lower on US credit, housing market concerns |
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Tue, 20 Nov 2007 06:15
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SYDNEY (Thomson Financial) - Australian shares closed sharply lower Tuesday, reversing all of their prior-day gains, after more bad news about the US banking and housing industries triggered a massive sell-off across the Asia-Pacific region.''It becomes clearer and clearer that we are in the middle of a correction. Who knows how much more it's going to deteriorate,'' said Marcus Meuller, a director at Reynolds & Co.The benchmark S&P/ASX 200 closed 109.8 points or 1.7 percent lower at 6,425.4, the lowest close since late September, after trading between 6,492.5 and 6,394.1. The All Ordinaries finished 111.1 points or 1.7 percent lower at 6,490.2.The S&P/ASX 200 December futures contract dived 91 points to 6,448.Volume traded was 1.60 billion shares worth about 6.67 billion Australian dollars.Decliners outstripped gainers 934 to 383, with 320 unchanged at the closing bell.The yield on the 10-year bond fell 0.0675 percentage point to 5.9475 percent while the yield on 90-day bills rose 0.008 percentage point to 7.178 percent.(1 US dollar = 1.13 Australian dollars)allison.jackson@thomson.comaj/cl-bhx/clCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Euroshares close sharply lower; STOXX 50 Index at 3-month low on credit fears 