Australian Stocks Whacked By Global Worries

Thursday, November 13, 2008 at 12:02 pm

Australian Stocks Whacked By Global Worries Sydney: Fears of the country falling into recession dragged Australian stocks down 5.8 per cent Thursday.

The ASX 200 gave up 230 points to close at 3,697.

The resources sector was hit hard because of concerns that these Australian companies would suffer as commodity prices fall.

The Australian dollar was trading at 64 US cents, 2 US cents down on Wednesday’s fix, despite intervention by the Reserve Bank of Australia to prop up the local currency.

Analysts said the central bank began buying Australian dollars when it looked as though the currency might fall below 60 US cents.