THE stockmarket has been pummelled at the open, falling more than two per cent on a continuation of global jitters that saw heavy falls in Europe and the US overnight.
At 10.15am(AEST), the benchmark S&P/ASX200 index was down 105.8 points, or 2.45 per cent, at 4210.7 points, while the broader All Ordinaries index had fallen 115.2 points, or 2.65 per cent, to 4227.2 points.
On the Sydney Futures Exchange, the June share price index futures contract was 100 points lower at 4217, on volume of 15,664 contracts.
There were almost 19 stocks down for every one that gained in early trade today, with the most severe declines in the two biggest market sectors - financial and materials.
All 20 stocks on the S&P/ASX20 were lower in opening trade, with the worst performer Macquarie Group down 5.8 per cent, or $2.58, at $41.92.
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The investment bank was followed by Rio Tinto, down 4.61 per cent, or $2.87, at $59.38, and Woodside Petroleum, which slipped 3.61 per cent, or $1.50, to $40.09.
Thelocal market is set for its worst weekly performance since mid-November 2008, when the S&P/ASX200 suffered a weekly decline of 8.8 per cent.
To the close of trade yesterday, the benchmark index was down 6.82 per cent.
It was a sea of red in offshore markets during the overnight session, with as worries Europe's debt crisis might spread around the world and halt the nascent economic recovery in the US.
The major indices on Wall Street backpedalled more than three per cent, while stocks lost 1.65 per cent in London and two per cent in Frankfurt.
The dollar also lost 1.5 US cents in offshore trade to sit near 82 US cents.
Bell Financial Group senior adviser Chris Kimber said the performance had been slightly worse than expected, but there was little evidence of panic among local traders.
"It doesn't seem like there is a lot of panic selling, not that we have seen here anyway," Mr Kimber said.
"It looks like most people are just riding it out, from what I can tell."
Among the big retail banks at 10.41am (AEST), ANZ was down 58 cents, or 2.81 per cent, at $20.05, Commonwealth Bank fell $1.20, or 2.4 per cent, to $48.87, NAB was off 76 cents, or 3.27 per cent, at $22.49, and Westpac, which is trading ex-dividend, was 72 cents lower, by 3.3 per cent, at $21.08.
Mr Kimber said it was difficult to tell the direction the market would take from morning trade.
"Our guys think the market is cheap and there's a lot of value to be found," Mr Kimber said.
"The problem is that we are being dragged along with what is happening overseas.
"All of this money that is being repatriated out of Australia and going back to the UK and US and the move in the currency.
"It is very hard to tell when that finishes."
Major miner BHP Billiton had slipped 90 cents, or 2.45 per cent, to $35.85 by 10.45am (AEST).
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