We all expected a correction in the market and it has come ..but not in the way we were expecting . The chinese Overpricesd stock prices climbed to high and there was the iminent fall in the share market. This fall in one of the world largest and fastest growing economies was sure to be felt hard by the dow jones. The good in this is .. the local investors get to pick up some bargains .. but then we cant say for sure when the market is gonna pick up and come back to normal. Some Aussie stock prices reflected below due to the massive fall in the down jones index.
(Adds Queensland Gas, updates indexes)
Australian shares fell 2.4 percent on Wednesday, mirroring a sell-off in equity markets worldwide after a tumble in China’s main index stoked worries of a global economic slowdown.
The benchmark S&P/ASX 200 index <.AXJO> lost 144.3 points to 5,849.5 by 0230 GMT. It had fallen as much as 3.45 percent earlier in the session, its biggest one-day percentage fall since Sept. 17, 2001 when it slipped 4.7 percent.
Among stocks that bucked the downward trend, Queensland Gas Ltd.
New Zealand’s benchmark NZX-50 Index <.NZ50> was also down, falling 78.82 points, or 1.9 percent, to 4,020.60, its biggest one-day percentage fall since May 2, 2003 when it fell 2.2 percent.
The top stock, Telecom Corp.
* Queensland Gas surged as much as 13.6 percent to A$1.545 after investment fund TCW Group Inc. launched an A$812 million ($644 million) bid for the Australian coal seam gas producer, trumping a rival bid by AGL Energy Ltd [ID:nSYD148444].
It last traded up 12.1 percent at A$1.525, above the A$1.51 per share that TCW is offering.
* Woolworths Ltd.
* Tattersall’s Ltd.
“What triggered the sell-off (in global markets) does not have an impact on a number of stocks and that’s why we are not seeing the likes of Woolworths and Tattersall falling,” said Paul Xiradis, chief executive officer at boutique fund Ausbil Dexia.
* Australian electrical and furniture retailer Harvey Norman Holdings Ltd.
* Australia’s Smorgon Steel Group Ltd.
* The top four banks fell, sending the financial services index <.AXFJ> down 166.8 points, or 2.4 percent.
National Australia Bank Ltd.
* Resource stocks with exposure to the China market were among the biggest decliners.
BHP Billiton Ltd.
* Australian contractor Lend Lease Corp. Ltd.
* Australia’s Symbion Health Ltd.
* Australian energy infrastructure group Alinta Ltd.
* QBE Insurance Group Ltd.
2330 GMT ($1=A$1.27) ($1=NZ$1.43)