Investors reeling after market’s worst battering since 2008
The Australian share market has suffered its longest weekly losing streak since 2008’s global financial crisis, as well as its biggest weekly drop in nearly six months, but has at least managed to claw back a bit of those losses.
The benchmark S&P/ASX200 index finished close to the highs of the day on Friday, up 29.3 points, or 0.42 per cent, to 6,994.8.
The broader All Ordinaries gained 35.6 points, or 0.5 per cent, to 7,188.3.
The ASX200 was down 2.6 per cent since last Friday’s close, its worst weekly loss since the week ending September 23.
The week was also its sixth consecutive week of losses, its longest weekly losing streak since a nine-week stretch in mid-2008 during the GFC.
The Australian dollar was at close to a 10-day high against its US counterpart, buying 67.14 US cents, from 66.38 US cents at Thursday’s ASX close.
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