Australian stocks hit five-year low

March 3rd, 2009 - 10:04 am ICT by IANS  

Sydney, March 3 (DPA) Australian stocks followed Wall Street down in early trading Tuesday, giving up 1.9 percent to levels not seen since 2003.
At the opening bell the ASX 200 lost a whopping 2.5 percent before bargain-hunters came in to help stocks claw back ground.

After an hour of trading, the ASX 200 was 62 points, or 1.9 percent, lower at 3,187. The big four banks were particular casualties.

The Australian dollar was at a one-month low of 62.92 US cents.

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