$50 billion vanishes from Aussie shares before lunch

All Ordinaries have fallen as much as  3.7 per cent since this morning.
All Ordinaries have fallen as much as 3.7 per cent since this morning.

THE Australian share market has lost more than $50 billion in value as a fresh crash in Chinese stocks drives heavy falls around Asia.

Within 15 minutes of trade opening, the benchmark ASX 200 index was down 2.6 per cent at 5,082, while the broader All Ordinaries matched that slide to 5,091.

However, it seemed that a few hardy 'bargain hunters' moved in after that, pushing the market back towards a more moderate 1.8 per cent slide by 11:18am (AEST), before a disastrous Chinese stock market open saw Australia's main indices head to an even worse 3.7 per cent slump.

By 12:49pm the ASX 200 was off 188 points to 5,026 and the All Ordinaries index was also down 3.6 per cent to 5,037.

The ASX 200 had already lost 1.4 per cent on Friday to close at 5,215 after a key index showed Chinese manufacturing had its sharpest contraction last month in more than six years.

Read more at ABC News

Topics:  business editors picks shares stock market stocks

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Former sport star 'Chook' Fowler gets jail time

Anthony Fowler, left, with his former colleague Michael Falvey at Falvey's Cecil Hotel. Fowler has been convicted of robbing the hotel.

NRL player will spend time behind bars for 'betrayal'

Late evangelist's message comes to Springfield this Easter

John Van Bennekom, Keith Pellicaan, Deborah Van Bennekom and Greg Gardiner.

Billy Graham's The Cross to feature on the big screen

NOT GUILTY: Man accused of burglary found not guilty

WITNESS: Sex worker Natasha Dixon who uses the alias 'Bella Maxwell' gave evidence in the trial of her client Rudi Gregoratos.

She dropped him off at a Goodna park. Days later, she was assaulted.

Local Partners