The Australian share market has fallen to its lowest close in eight months with more than $96 billion wiped from its top 500 stocks.
The S&P/ASX200 on Friday sank 188.9 points, or 2.4 per cent, to 7,670.8, while the broader All Ordinaries tanked 202.5 points, or 2.51 per cent, to 7,850.2.
“Horrendous. Horrendous is the way we’ve ended up today,” IG Markets analyst Tony Sycamore told AAP.
“It’s an absolute bloodbath out there.”
More than $96 billion was wiped from the All Ordinaries’ $2.8 trillion market cap since Thursday, with the top 500 stocks shedding 3.5 per cent of their value in two sessions.
The Australian dollar gave up early gains against the greenback and was buying 62.36 US cents, down from 62.72 US cents on Thursday at 5pm.
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