ASX pares early losses to dodge correction for now
Fears over fuel costs remain as the US and Iran continue to trade barbs and missiles. -AAP Image
Australia's share market has trimmed some losses but still ended the session lower, as the ongoing Middle East conflict wreaks havoc on energy prices.
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The S&P/ASX200 fell 62.5 points on Monday, down 0.74 per cent, to 8,365.9, as the broader All Ordinaries lost 75.7 points, or 0.88 per cent, to 8,552.6.
The All Ordinaries has tumbled 9.3 per cent since the conflict began, wiping almost $300 billion from the index's combined value from the resulting oil price shock.
Both indices fell into correction territory in the morning - down more than 10 per cent from recent record highs - while the basic materials sector is in a technical bear market, down more than a fifth from its peak.
The Australian dollar is buying 69.79 US cents, down from 70.86 US cents on Friday at 5pm, fading against greenback strength.
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