Australia's share market is now in correction territory, having fallen more than 10 per cent over just six sessions amid fears over the economic and human impact of the Covid-19 coronavirus outbreak.
At 11.10am on Friday, the ASX200 was trading down 3.3 per cent to 6434.9, down 10.6 per cent from its intraday peak of 7197.2 set on Thursday.
Since the start of this week – not including a modest decline last Friday – the ASX200 has dropped 686.6 points, or 9.62 per cent.
That puts it on pace for the worst weekly decline since a 734.8-point, 15.65-per cent decline in October 2008 during the global financial crisis.
The six days of losses have wiped out about $250 billion in value from the local share market.
"Short term, we've probably got more downside," said Nick Twidale, general manager of IC Markets in Sydney.
"I think investors will look to sell any rallies."
But for the medium term, the correction may look like a buying opportunity, Mr Twidale said.
Meanwhile, by the close overnight, both the S'P 500 and Dow Jones Industrial Average slumped 4.4 per cent, while the tech-heavy Nasdaq fell even further, plunging by 4.6 per cent, the ABC reported.
European markets also dropped sharply earlier in the session, with the EuroStoxx 50 off 3.4 per cent and London's FTSE 100 down 3.5 per cent.
The Australian dollar is holding firm at 65.77 US cents.