The ASX200 finished the day down 1.6% as doubts were cast over Australia’s economic health after a surprise GDP number of-0.5% in Q4.
Domestic growth related stocks were hardest hit, Wesfarmers down 5.3%, Telstra down 2.1%. Huge losses were also seen in building products makers such as Boral -5.2% and Adelaide Brighton -6.3% on concerns of a slowing economy.
The banks also took a hit with the CBA -3.7%, with investors concerned about their ability to survive the global financial meltdown.
The Big miners were slightly down, BHP -0.7%, RIO -1.2%.
The ASX200 recorded its lowest close since 2003.
