The Australian share market copped another hammering yesterday as investors ditched tech stocks in favour of their financial counterparts.
The All Ordinaries suffered one of its biggest one-day falls this year, losing 48.7 points, or 1.6 per cent, plummeting to 3084.7. The ASX200 and 300 indices also suffered similar losses, both falling almost 50 points or 1.6 per cent.
The Nasdaq suffered a similar plunge on Wednesday night, falling 7 per cent, or 287 points, to 3771. Local investors are likely to be in for another unprofitable day today, after the tech-heavy Nasdaq fell another 2.5 per cent, or 98.85 points, to 3676.78 last night.
Yesterday's falls were led by News Corp, down $1.10 to $20.79, ecommerce security company, SecureNet, down $1.60 to $8.30, and Open Telecommunications, down $1.20 to $8.87.
Despite announcing a deal on Wednesday with Hong Kong's Pacific Century CyberWorks (PCCW), which was a rarity among technology stocks yesterday, rising 8 per cent, Telstra fell 23 cents to $7.41, while fellow telcos Cable & Wireless Optus and AAPT were also down by 28 cents to $5.86 and 25 cents to $9.35, respectively.
The banks were among the few to have a profitable day with the CBA up 70 cents to $24.97, and Colonial up 28 cents to $8.45.