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The Australian Stock Exchange (ASX) plunged to its lowest level since November 2020 as the international market fell due to growing concerns about the global economy.
As of noon on June 17th. Benchmark S & P / ASX200 Index It fell 2.23 percent to 6,452.9, but All ordinary It fell 2.12 percent to 6,641.7.
“The current stock background is as bad as it gets,” City Index analyst Tony Sycamore wrote in his morning note.
“The central bank’s determination to break the recession of spiral inflation at the expense of growth is likely to guarantee a recession in the first half of 2023.”
Stock market performance for the week starting June 13 was even worse than the previous week, drawing attention as the worst week of ASX since October 2020.
The ASX200 fell 11.1 percent in June, down 15.6 percent from its all-time high in August 2021.
It is worth noting that on June 17th, almost all industries fell and the technology sector fell 4.3%.
The BHP stock price– Australia’s largest company fell 2.98% to $ 42.59 ($ 29.83), Rival Rio Tinto Price It fell 3.87 percent to $ 107.90.
Commonwealth Bank’s share price fell 2.8% to its 14-month low of $ 87.72, while other major banks fell 1.5-3%.
Block, which owns Afterpay, fell 7.2%, while accounting software company Xero and retailer Harvey Norman fell to $ 73.40 and $ 3.59, respectively, for the first time in two years.
At the same time, other popular names such as Woolworths, Goodman Group, Dexus, Seek, Breville and JB Hi-Fi plummeted to 52-week lows.
The few high-performing stocks on the Australian stock market on June 17 belonged to gold miners, with Evolution and Northern Star stocks rising 4.4% and 3.4%, respectively.
Nonetheless, junior minor Dasian Gold’s share price fell by one-third to 11 cents following the announcement that it had suspended open pit mining at the gold mine on Mount Morgans in Western Australia.
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Alfred Bui is a Melbourne-based Australian reporter with a focus on local and business news. He is a former small business owner and holds two master’s degrees in business and business law. Contact him at [email protected].
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