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Australia's Share Market Opens Monday in Red
(MENAFN) Australia's share market opened sharply lower Monday, dragged down by surging global oil prices as the Middle East conflict continued to rattle investor confidence worldwide.
The S&P/ASX 200 shed 1.4 percent within the first hour of trade, sliding to 8,397 points by 11 a.m. Australian Eastern Daylight Time (0000 GMT), down from Friday's closing figure of 8,516.3 points. Zooming out, the benchmark index has now lost approximately 8.7 percent of its value over the past month — a stark indicator of sustained selling pressure gripping Australian equities.
The retreat mirrors deepening anxiety across global markets as crude oil prices closed in on the $120-per-barrel threshold, fueled by the protracted and intensifying conflict in the Middle East.
The Australian Broadcasting Corporation (ABC) reported that the financial and healthcare sectors bore the brunt of Monday morning's losses, emerging as the hardest-hit segments of an already battered market.
The S&P/ASX 200 shed 1.4 percent within the first hour of trade, sliding to 8,397 points by 11 a.m. Australian Eastern Daylight Time (0000 GMT), down from Friday's closing figure of 8,516.3 points. Zooming out, the benchmark index has now lost approximately 8.7 percent of its value over the past month — a stark indicator of sustained selling pressure gripping Australian equities.
The retreat mirrors deepening anxiety across global markets as crude oil prices closed in on the $120-per-barrel threshold, fueled by the protracted and intensifying conflict in the Middle East.
The Australian Broadcasting Corporation (ABC) reported that the financial and healthcare sectors bore the brunt of Monday morning's losses, emerging as the hardest-hit segments of an already battered market.
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