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Australian shares slumped 1.9 percent to a six-month low on Monday as investors joined a global flight out of risky assets, triggered by fresh concerns over a global economic slowdown after anaemic US jobs figures and soft Chinese factory data. The day's losses took the market's slump since May 1 to 10.4 percent, meeting the usual definition of a market correction.
Heavy losses were posted across the board, with global miner Rio Tinto down 4.7 percent, steelmaker BlueScope down 9.4 percent to a record low, and several major retailers losing more than 3 percent. "The fear factor in markets has increased. When markets do start falling like this it has a huge impact on investor and consumer sentiment and it makes it problematic for companies themselves," said White Funds portfolio manager Angus Gluskie. Australia's top miners were especially hard hit on Monday, tied to the fortunes of global growth. BHP Billiton dropped 3.1 percent to A$30.75, its lowest level since March 2009 and Rio Tinto was at its lowest since July 2009.
The benchmark S&P/ASX 200 index slumped 78.9 points to 3,985, losing grip on the psychological 4,000 level and its lowest mark since November 25. Traders said the November 25 intraday low of 3,973 would form the next key support. For the year, the benchmark index is down 1.75 percent. The New Zealand market was closed on Monday for the Queen's birthday holiday. Losses were heavy in the discretionary retail sector, with many retailers down more than 3 percent.

Copyright Reuters, 2012

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