Meltdown worsens with 1.8pct drop for ASX

The local stock exchange has suffered its sixth straight losing session and worst week since the beginning of the COVID-19 pandemic in March 2020, as markets continue their global meltdown.

The benchmark S&P/ASX200 index closed on Friday down 116.3 points, or 1.76 per cent, to 6,474.8.

The broader All Ordinaries was down 1.77 per cent to 6,663.3.

Down by as much as 2.7 per cent in morning trade, the ASX200 managed to claw back some of its losses in the afternoon but still finished at its lowest level since November 2020.

It is down 6.6 per cent for the week, 10.2 per cent for the month and 15.2 per cent from last year's all-time high.

Meanwhile the Australian dollar was buying 70.05 US cents, up from 69.57 US cents when the ASX closed on Thursday.

Austrlaian Associated PressBack to Breaking News

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