Australian share market slumps 2 per cent and loses another $50billion in a matter of minutes amid coronavirus fears
- The broader All Ordinaries index had shed 2.27 per cent in early Tuesday trade
- Another $50billion has been wiped from shares, piling on to Monday's losses
- Coronavirus fears are hitting travel-related stocks, with Qantas diving 4 per cent
The Australian share market has slumped by 2.3 per cent in opening trade as coronavirus fears wiped another $50billion from stocks.
Wall Street was significantly weaker in the United States, which has in turn infected the Australian Securities Exchange.
The benchmark S&P/ASX 200 was 2.17 per cent weaker while the broader All Ordinaries index had slumped by 2.27 per cent in early Tuesday morning trade.
Qantas was hit particularly hard, with the flying kangaroo airline's share price plunging by 4.3 per cent.
With Monday's $48billion losses factored in, the Australian share market has lost close to $100billion in just two days.
CommSec market analyst Steven Daghlian said coronavirus fears were affecting 98 per cent of stocks on the Australian market.
'A number of companies have also warned of the potential lower profits linked to the virus,' he told Daily Mail Australia on Tuesday.
'Wide-reaching impacts on a number of different stocks and sectors and for now there's just a concern this is turning into a pandemic rather than just mostly being focused on China.'
The Australian share market has slumped 2.3 per cent at the open , following steep falls around the world overnight
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