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Market Update

Australian Market Indexes Plunge 2% on Asia-wide Sell-off

Author: Marcus Jacob
Last Update: 9:59 AM ET October 10 2014

5:30 PM Sydney – Australian markets plunged 2% in the largest single-day sell-off in fifteen months. On the domestic front, seasonally adjusted home loans in August declined 0.9%.

Australian market indexes dropped sharply following overnight decline in the U.S. markets.

The sharp sell-off was prompted on the worries that the global economies are likely to face headwinds and the European economies are expected to struggle as the central banks looks for ways to revive economic growth.

The Australian Bureau of Statistics said seasonally adjusted home loans in August declined 0.9% after rising 0.3% in July.

In the year, home prices climbed more than 10% nationally and soared 15% in Sydney. New housing commitments dropped 1.2% and first-time home buyers purchases slumped to a record low in August.

ASX 200 Index slumped 108.40 or 2.1% to 5,188.30 and broader All Ordinaries Index dropped 107.60 to 5,185.70. For the week, ASX 200 dropped 2.1%.

In stock trading, 868 million shares changed hands worth $5.39 billion.

Australian Stock Movers

Biotron Limited surged 50% to 15 cents after the biotechnology research company said phase II clinical trial treating antiviral drug of liver disease caused by the hepatitis C resulted in “successfully treatments” on five patients.

Poseidon Nickel Ltd declined 4.5% to 20 cents after the nickel producer raised $30 million at 18 cents per share. The company plans to use proceeds to repay the Minderoo debt.

Transurban Group slipped 1.5% to $7.76 after the toll road operator reported revenues soared 63.9% to $364.7 million in the September quarter.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc