Australian stocks fall sharply due to global financial chaos

08:39, June 08, 2010      

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Australian share market closed sharply lower on Monday, slashing off the value of domestic stocks for a further 35.67 billion dollars (29 billion U.S. dollars) due to disappointing news on the U.S. jobs data, as well as concerns over Hungary's financial situation.

The benchmark S&P/ASX200 index finished 123.5 points, or 2.78 percent, weaker at 4,325.9 points by 1615 AEST and the broader All Ordinaries index dropped 121.7 points, or 2.72 percent, to 4,350.7 points, which was the lowest in over one month.

On the Sydney Futures Exchange, the June share price index contract was 136 points, or 3.04 percent, lower at 4,331 points, with 44,651 contracts traded.

According to the Sydney Morning Herald, the sharp fall in Australian share market came because investors poured out of equities following global financial chaos.

Data on Friday showed disappointing jobs growth in the U.S., which has added just 41,000 workers in May, down dramatically from the 218,000 added in April, and was worse than expected by economists who had hoped for a pick-up in private sector hiring.

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