$50 Billion wiped off the Australian Stock Market

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  • The ASX 200 got torched on Friday to the tune of more than $50 billion after stagflation concerns triggered a Wall St and ensured all sectors of the local market finished the week lower.
  • The ASX 200 closed 2.2% lower, down 159 points to 7205.6, with the tech sector down 4.5 per cent led by Xero’s 9 per cent drop. The property sector finished the week 8 per cent lower with the prospect of higher interest rates diminishing the yield appeal of groups like Goodman, Scentre and Dexus which were all lower on Friday.
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