Australian share prices closed down 2.29 percent on Monday as the aftershocks of last week's global sell-off continued to rattle investors, dealers said. The SP/ASX 200 closed down 132.4 points at 5,653.6, while the broader All Ordinaries index dropped 132.8 points to 5,642.4.
A total of 1.67 billion shares worth 6.7 billion dollars (5.2 billion US) were traded, with falls outnumbering rises 1,147 to 189 and 262 stocks unchanged. CommSec chief equities economist Craig James said the global sharemarket correction had entered a new phase with investors now rapidly unwinding carry trades and inducing greater volatility across all financial markets.
Gold stocks such as Newcrest led the resource sector lower after the precious metal lost more than two percent. Newcrest shares plunged 1.47 dollars or 6.66 percent to finish at 20.61, Lihir Gold dropped 0.21 or 6.42 percent to 3.06 and Oxiana shed 0.19 or 6.81 percent to 2.60.
Alumina ended lower despite earlier gains on plans to buy back 250 million dollars worth of shares as part of its capital management programme. Alumina shares retreated 0.05 to close at 6.75. BHP Billiton shares dropped 0.78 or 2.88 percent to close at 26.34 while Rio Tinto shed 1.87 or 2.48 percent to 73.59.
Zinifex lost 0.94 or 5.64 percent to 15.73 while IIuka fell 0.21 to 5.42. Paladin plunged 1.33 or 14.99 pct to 7.54 and ERA retreated 1.04 to 23.64. Woodside was down 1.53 or 4.17 percent to 35.17, Santos lost 0.31 or 3.27 percent to 9.16 and Oil Search lost 0.18 or 5.10 percent to 3.35.
National Australia Bank shed 0.44 to 39.46, Commonwealth Bank lost 0.63 to 49.02, ANZ dropped 0.49 to 28.37 and Westpac fell 0.24 to 24.84. Macquarie Bank dropped 3.86 or 4.74 percent to 77.49.
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