Australian Stock Market Drops 1.4% Amid Rising Global Oil Prices
Australia. The Australian stock market fell by 1.4 percent in early trading on Monday. The market came under pressure as global oil prices continued to rise.
The S&P/ASX 200 index fell by 1.4 percent to 8,397 points within the first hour of trading on Monday. This is down from the index's closing level of 8,516.3 points on Friday.
As of Monday morning, this key index has fallen by nearly 8.7 percent in the last month. Analysts stated that the ongoing conflict in West Asia has pushed global oil prices close to $120 per barrel, negatively impacting the stock market.
The biggest declines in Monday morning's trading were seen particularly in the financial and healthcare sectors.
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