Sell-offs in Australian shares deepened on Wednesday as the rapid spread of coronavirus beyond China sparked fears that the outbreak could turn into a pandemic that could derail the global economy.
The S&P/ASX 200 index fell 2.3%, or 158.50 points, to 6,708.10, its lowest close in nearly two months. It has lost 6.3% in the past four sessions.
During the same period, MSCI's World Index, a market cap-weighted stock market index of 1,644 stocks from companies throughout the world, saw its total value fall by $3 trillion to $42.98 trillion.
Financial stocks were the biggest drag, down 2%, with the "Big Four" banks declining between 1.7% and 2.1%.
AMP Ltd tumbled 4.7% to close at its lowest level since February 14. Energy stocks dropped 2.4% to their lowest close since August 2019, with Woodside Petroleum shedding 3% to close at its lowest in nearly two years. The company adjusted its stakes with BHP Group for two of its permits in the Scarborough project.
New Zealand's benchmark S&P/NZX 50 index slipped 1.6%, or 185.37 points, to finish the session at 11,533.86. Sky Network Television slumped 6.7%, while Port Tauranga shed 5.5%.
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