The ASX Took A Battering Today

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The ASX took a dive today, taking its cue from an overseas market nervous about tech stocks but falling further than Wall Street’s last close.

Coca-Cola Amatil was again the focus of heavy selling, falling almost 7% to $9.06 after Standard & Poor’s marked the company’s debt down.

Selling continued across the market through the afternoon, with the ASX 200 closing down 69.7 or about 1.3% to 5358.9.

Michael McCarthy, chief market strategist at CMC Markets, said the losses continued despite talk that the US falls were coming to an end.

“Despite reports that selling in US high momentum stocks may be coming to an end local investors appeared to take a safety first attitude ahead of tomorrow’s release of RBA minutes and Wednesday’s retail sales, industrial production and GDP numbers from China,” McCarthy said. “Rallies in oil and Shanghai copper received scant attention as mining stocks fell, albeit by less than the overall market, as traders reduced overall exposures ahead of the potentially game changing numbers due.”

The big four banks all took a hit.

Westpac was down 1.47% to $34.15, the ANZ Bank 1.51% to $33.34, the NAB 1.27% to $34.88 and the Commonwealth down 1.1% to $76.51.

Wall Street’s S&P 500 closed down 1% on Friday, the Dow Jones Industrial Average fell 143 to 16,027 and the Nasdaq Composite 54 to 4000.

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