Name: Coronavirus fears wipes billions from ASX
Uploaded: 2020-03-12T23:01:21.000Z
Duration: 1 min 49 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

more than 100 and $20 billion have been wiped off from the value of Australian shares.

I mean Corona virus concerns the lowest levels since the global financial crisis is out, Business reporter Ed Boy.

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Australian stocks have fallen more than 6% today on Corona virus fears, making today the worst day of trading since the 2008 global financial crisis.

The Corona virus has escalated tensions between OPEC oil producing nations and there is now fears of an oil price more.

The oil price dropped 30% this morning, its biggest fall in 29 years, which has sent Ozzy shares plunging.

Today, the oil sector is down more than 20% with companies like Woodside Petroleum Santos on oil search losing about 20 to 30% in value.

Major banks are down about 5% and I T companies have fallen about 10%.

Out of the top 200 companies on the air sex, only five of them are currently trading in positive territory.

I spoke to fund manager Joon Bae blew a short time ago.

She says the oil price war means this market volatility will continue this week.

The price war between the Saudi Arabia and Russia has driven that significant drop.

Now that has really created this panic selling simply because it's now putting a lot of pressure with high your bond market in the U.

On Dhe, reminding the investors off the credit issue that created took place during the GFC wear now on the brink of bear market territory, which is when a share index loses more than 20% in value since it peaked.

 Australian shares picked about three weeks ago, and since then we've lost 18% in value so clearly a very volatile time at the moment for investors. 