ASX tumbles after big US tech sell-off
The Australian share market plunged firmly in the red on the back of a massive sell-off in Wall St tech stocks and 7.5 per cent drop in the oil price.
The S&P/ASX200 closed 2.15 per cent lower at 5878.6, while the All Ordinaries Index slumped 2.12 per cent to 6058.9
CommSec analyst Steve Daghlian said the largely across-the-board decline, following Friday's 3 per cent tumble, dragged the local market to lows not seen in weeks.
The US tech sell-off included Tesla's share price plummeting after it surprisingly missed out on inclusion in this year's S&P 500 index.
UK-based AstraZeneca putting a promising COVID-19 vaccine trial on pause due to illness in a trial patient was a dampener, sending shares in healthcare heavyweight CSL, which plans to manufacture the drug in Australia, 2.49 per cent lower to $281.
Oil Search slumped 7.79 per cent to $2.96, Beach Energy sank 9.18 per cent to $1.33 and Woodside gave up 4.38 per cent to $18.36.
Local buy now pay later companies followed the US tech sector fall, with Afterpay down 1.32 per cent to $74.05 and Zip Co losing 2.07 per cent to $6.61.
ANZ slid 3 per cent to $17.81, Commonwealth Bank gave up 2.48 per cent to $66.79, National Australia Bank retreated 2.57 per cent to $17.44 and Westpac shed 3.34 per cent to $17.07.
Rio Tinto was 0.2 per cent lower at $99.08, BHP backtracked 1.68 per cent to $36.78 and Fortescue slipped 2.7 per cent to $18.
Some safe haven gold stocks were higher, with Perseus Mining up 0.37 per cent to $1.33, but Australia's biggest miner of the precious metal Newcrest was 0.76 per cent lower at $31.24.
Bunnings owner Wesfarmers was 2.42 per cent lower at $45.08, airline Qantas lost 4.16 per cent to $3.92 and Telstra declined 2.05 per cent to $2.86.
The Aussie dollar was fetching 72.13 US cents, 55.71 British pence and 61.29 Euro cents in afternoon trade.
Originally published as ASX tumbles after big US tech sell-off