Overseas selloffs hit share market hard in early trading
THE Australian share market has opened around 1 per cent lower following overseas selloffs on Friday.
The Benchmark ASX 200 index was 50 points, or 0.5 per cent, lower at 5,138 by 10:22am (AEDT), while the broader All Ordinaries was also down 1 per cent at 5,134.
The selloff is broad-based, with most sectors in the red.
The major banks were all down around 1 per cent early on, while the smaller regional banks had slightly heavier falls, as did Macquarie.
Retailers were also sold down, with Wesfarmers dropping 2.5 per cent to $39.80, while its rival Woolworths was off 1.3 per cent.
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