Australian shares dip into bear market territory [Reuters]
CSL LTD SP/ADR (CSLLY)
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Source: Reuters
Australian shares dip into bear market territory * ASX benchmark index falls about 4% in early trade * Financials, healthcare stocks weigh on ASX200 * New Zealand stock index declines nearly 3% By Aby Jose Koilparambil March 10 (Reuters) - Australian stocks plunged into bear market territory on Tuesday, as rising economic risks from the fast-spreading coronavirus and a recent plunge in oil prices clouded the global economic outlook. The S&P/ASX 200 index fell as much as 3.9% to its lowest since Dec. 27, 2018, before cutting losses to trade 0.7% lower at 5,720.60 by 0021 GMT on bargain-hunting. At the session low, the index was down more than 23% from a record high hit in February. “I think there is a little bit of bargain-hunting around. Yesterday was a pretty brutal day, so people are happy to breathe a sigh of relief,” said Henry Jennings, a senior analyst and portfolio manager at Marcustoday Financial Newsletter. Fears of a global recession due to the coronavirus outbreak coupled w
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