The Australian share market has plunged 7.16 per cent after US President Donald Trump's stimulus news failed to ease concerns about the economic impact of the coronavirus pandemic.
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The benchmark S&P/ASX200 was down 410.2 points, or 7.16 per cent, at 5315.7 points at 1310 AEDT on Thursday while the broader All Ordinaries index dived 410 points, or 7.08 per cent, to 5,379.3.
The local market opened nearly two per cent lower on Thursday after the coronavirus was declared a pandemic and US equity markets plunged overnight.
The losses deepened after Prime Minister Scott Morrison unveiled his $17.6 billion stimulus package.
There was a brief upswing on news Mr Trump would make an address at noon Australian time - then it plunged after he said the pandemic was not a financial crisis and announced a 30 day travel ban to Europe.
CommSec market analyst James Tao said investors had been hoping for more detail Mr Trump's major stimulus package and those hopes were dashed pretty quickly.
"There was some expectation that he might give a bit more detail about the financial side of things but that didn't really come through," he told AAP.
Energy, materials, consumer discretionary and health care stocks were smashed on Thursday but the panic sell was across the board.
Woodside fell 54 cents to $20.46 and BHP lost 96 cents to $27.56 at noon. BlueScope gained again, rising nine cents to $10.28.
Supermarket giant Woolworths was also among the few stocks on the rise just after midday.
It was 38.5 cents, or 1.07 per cent, higher at $36.43 at 1210 AEDT while rival Coles was nine cents, or 0.59 per cent, lower at $15.18.
Gold miners were hammered on Thursday after gold prices fell overnight as traders sold the precious metal to cover margins for stock markets shaken by the global spread of coronavirus.
Newcrest had fallen $1.65, or 6.2 per cent, to $24.98 by 1210 AEDT while Northern Star dro pped 58.5 cents, or 4.5 per cent, to $12.405.
US equity markets plunged on Wednesday after details of a promised major US government stimulus response failed to appear and the World Health Organisation declared Covid-19 a pandemic.
The Australian dollar was buying 64.60 US cents at 1310 AEDT on Thursday, down from 65.05 US cents from at the market close on Wednesday.
