AUSTRALIAN STOCKS DROP AT NOON - MARCH 23, 2005.

(From Asia Pulse)

Byline: 1135 AEDT the Commonwealth Bank had lost 35 cents to

SYDNEY, March 23 Asia Pulse - The Australian sharemarket plunged one per cent today, following Wall Street into a sharp downward spiral after the latest United States rate move.

The US Federal Reserve hiked interest rates for the seventh month in a row, as expected, but spooked Wall Street with a warning about inflation.

At 1135 AEDT, the benchmark S&P/ASX 200 index had lost 38.2 points to 4195.6 while the all ordinaries index slid 37.2 points to 4188.3.

CMC Group sales trader Daniel Begley said this morning's losses were the biggest the market had …