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The decline in the world markets continued on Monday, with the Asian and Sydney, Australia stock markets experiencing declines. On the Sydney Securities Exchange (ASX), the S&P/ASX 200 declined by 60.2 points to close at 3,809.2, representing a 1.56% decline and taking Aussie stocks to a four-year low. Two Fridays ago, the Sydney market experienced what the Sydney Morning Herald labeled “Black Friday,” after the S&P/ASX200 index lost 336.6 points equivalent to 5.8% in total capitalization to close at 3,809.2. On that day, the capitalization dropped below A$1 trillion.
Sydney, Australia is 15 hours ahead of New York City.
The All Ordinaries stock index, which is a broader spectrum of stocks, declined by 63.3 points to close at 3768.3, representing a 1.65% drop. The S&P/ASX200 today and the All Ordinaries are at their lowest levels since November 2, 2004 and October 27, 2004, respectively.
Australian financial experts were relieved that the decline on the ASX weren't worse. The blood-letting was much more intense in the Asian markets. Tokyo's Nikkei 225, Seoul's Kospi stock index, and Singapore's Straits Times index were down by 11%, 9% and 7%, respectively. Hong Kong's Hang Seng stock index was down 10%.
The declines were linked to the drop of the Dow Jones Industrial Average on Friday, October 24th. After declining by up to 500 points, the Dow closed down 312.30 points at 8378.95, representing 3.59% of market capitalization.
In related news, the Australian dollar gained in value, trading at 61.19/26 US cents, at 5PM Monday. The Aussie dollar had closed at 63.88/94 US cents at the end of Friday, but offshore trading over the weekend had driven its value down to 60.60 US cents, the lowest level since A$1.00 was 60.30 US cents on April 15, 2003.
The Australian dollar has depreciated 37% since mod-July 2009, when it traded at 98.49 US cents.
Meanwhile, price of gold increased on the Asian markets, as investors sought a hedge against the roiling markets. After reaching $US746.91 an ounce in Singapore, the price of gold for immediate delivery settled at $US737.40/oz. in afternoon trading. On Friday, the price had dipped below $US700/oz.
Francis Cantrell