Selling pressure crush local shares
Announcement posted by de2 Communications 29 Sep 2015
The Australian share market is being crushed under a weight of selling pressure this morning, with the ASX 200 off 2.5 per cent.
“There is nowhere to hide this morning, with every sector under intense pressure,” said Australian Stock Report Head of Research, Chris Conway.
“There is nowhere to hide this morning, with every sector under intense pressure,” said Australian Stock Report Head of Research, Chris Conway.
“The miners are bearing the full force of investors’ ire. However, amid worries about global growth emanating out of China, the massive slump in Glencore overnight and news filtering through that hedge funds around the globe are dumping commodities risk,”
According to Conway, “It’s been a while since we’ve seen BHP off 6% and RIO off 5.5%, but that’s what is happening today and the worry is that the rout is not yet done,”
“From a technical perspective at least, we wouldn’t be surprised to see the XJO print 4700 before it finds any reals support, now that 5000 has given way,” added Conway.