Australian stocks drop in largest fall since 2020 amid US tariff fallout
(MENAFN) The Australian stock market has experienced its most significant single-day decline since 2020, largely due to the repercussions of extensive U.S. tariffs.
On Monday, the S&P/ASX 200, which serves as Australia's primary share market index, fell by 4.2%, closing at 7,343.3 points. This drop represents a loss exceeding 100 billion Australian dollars (approximately 60.1 billion U.S. dollars).
According to reports, this decline marks the largest one-day decrease for the index since May 2020.
The current figure reflects a 14.1% decrease from the market's peak closing value of 8,555.8 points recorded on February 14, and it is the lowest closing figure since December 2023.
The benchmark index plummeted more than 6% shortly after the market opened on Monday, resulting in a loss of around 160 billion Australian dollars, although it did recover slightly afterward.
The banking, energy, and mining sectors in Australia were particularly affected. The Commonwealth Bank of Australia, the country's largest bank, saw a decline of 6.2%, while the multinational mining corporation BHP dropped by 6.1%.
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