It has been a “hateful eight” for Australian shares, and there’s about as much red sloshing around the ASX at the moment as in any Quentin Tarantino movie.
The S&P/ASX 200 closed 0.1 per cent lower at 4,925.1, despite being as much as 1 per cent higher in morning trade. One saving grace is that today’s low didn’t break past yesterday’s nadir of 4,880.1, which was the lowest since July 9, 2013, writes Peter Wells in Hong Kong.
Today’s turnaround means the Australian benchmark closed lower for an eighth straight session, the equal-third longest losing streak on record. The index’s previous eight-day slide ran from June 22 to July 1, 2010.
This also makes it the market’s longest losing streak since the record 12-day tumble that took place – as bad luck would have it – during January 2008. That was right as investors were starting to see sub-prime as a serious problem, and that losing streak dragged the Australian benchmark (and other global peers) into a bear market, which is defined as a decline of 20 per cent or more from a peak.
At a closing low of 4,909.6 on December 15, the S&P/ASX 200 was sitting 17.9 per cent down from a seven-and-a-half year peak of 5,982.7 on April 27, 2015.
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