Investors wiped more than 100 points off the benchmark on Wednesday to a one-month low at 7195.20 amid concerns over China’s growth and US interest rates.
The market dumped tech stocks and mining companies, with both sectors off more than 2 per cent by the close. That sent the benchmark SP/ASX 200 Index tumbling 109.8 points, or 1.5 per cent, to 7195.20, its lowest level since July 12. The All Ordinaries lost 1.4 per cent.
The prospect of higher for longer borrowing costs in the world’s largest economy hit the interest rate-sensitive tech sector. Local company WiseTech Global dropped 3.7 per cent to $84.40, Xero fell 2.6 per cent to $116.03 and NEXTDC lost 2 per cent to $13.04. Iron ore giant BHP, which accounts for about 10 per cent of the ASX, dropped 3.4 per cent to $43.11. Fortescue Metals finished down 3 per cent to $20.19 and Rio Tinto slid 2.3 per cent to $103.65.
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