A collapse in the price of petroleum has seen the worst opening day for the Australian share market because the international financial crisis, with over $100 billion wiped off the value of Australian stocks.
The international share market correction, triggered by the widening economic effect of the coronavirus, is quickly moving towards a bear market, a market that has fallen 20 per cent from its peak.
The ASX 200 index has dropped 5.2 per cent or 325 points to 5,886.
Oil stocks have dropped in the wake of Saudi Arabia slashing its official selling price and announcing plans to boost production after the petroleum-producing group, OPEC, failed to agree with Russia on production cuts.
The share market has dropped 12 per cent of its value for the year, with losses of about $330 billion because the ASX 200 reached its peak of 7,197 on February 20.
The Australian dollar was caught up in the sell-off and is purchasing around 66.17 US cents.