The domestic stock market has slipped into negative territory this year, after giving up all its gains from January’s brutal rally.
At 10.21 am on Tuesday, the benchmark S&P/ASX200 index was down 113.8 points, or 1.6 percent, to 6,995 points, while the All Ordinaries index was down 118.6 points, or 1.62 percent, to 7,193.8 points.
“It’s very brutal out there,” Ausbiz TV presenter Nadine Blainey said live.
The ASX200 was at its lowest level since the January 3 sell-off. For the year, it fell 53.5 points, or 0.76 percent, despite rising 6.2 percent in January.
The index also traded below the 200-day moving average, which is a key technical level.
Every sector was the red in early trading, with energy the biggest loser, down 3 percent.
The financial sector fell 2.5 percent in the wake of the Silicon Valley bank collapse in the United States, with ANZ down 2.4 percent and NAB down 2.6 percent.
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