ASX losses fall through 50%

Today seemed like just another “normal” day on the market. The All Ords fell 150.6 points to close the day down at 3332.6. However the significance of today’s close is that the market is now down 51.4% from its peak of 6853.6 points recorded just a little more than a year go.

The Australian reports today’s close marks the second-biggest bear market in the history of the Australian sharemarket. During the bare market of 1987, shares fell 50.1%. The 1973/74 crash saw falls of 59.3%

With large job losses yet to crystallise, and more loss of confidence and discretionary spending as the housing market tanks, it is hard to even begin to call the bottom.

» Australian stocks in second-worst bear market ever – The Australian, November 20th, 2008.