Australian stocks in decline

October 27th, 2008 - 8:44 am ICT by IANS  

Sydney, Oct 27 (DPA) Australian stocks tumbled at the bell Monday following heavy losses last week.The ASX 200 lost 90 points, or 2.3 percent, in early trading to 3,689.

Falling commodity prices and fears of a global recession took the local currency to a five-year low.

The Australian dollar was trading at 61 US cents - up from the low of 60 cents on Friday.

The Reserve Bank of Australia confirmed it intervened and bought Australian dollars to shore up the local currency over the weekend. It was only the third time since 2001 that Australia’s central bank had intervened to provide liquidity in the money market.

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