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STOCKS - AUSTRALIAN BOURSE BEGINS FIRMER - MARCH 1, 2007.
SYDNEY, March 1 Asia Pulse - The Australian share market has followed Wall Street to begin recovering from yesterday's horror as investors sift through the wreckage in search of bargains.
At 1015 AEDT, the benchmark S&P/ASX200 index gained 12.1 points to 5844.6, while the all ordinaries was up 10.4 points to 5826.9.
On the Sydney Futures Exchange, the March share price index contract was up 31 points to 5833 on a volume of 9,993 contracts.
Yesterday the benchmark S&P/ASX200 index closed down 161.3 points, or 2.69 per cent, to 5,832.50, after falling as much as three per cent during the day.
The all ordinaries tumbled 161.1 points to 5,816.50.
It was the worst one day decline since the terrorist attacks of September 11, 2001, and was sparked by the global repercussions of a nine per cent drop in the Shanghai Composite Index.
The market downturn heavily hit major resource stocks like BHP Billiton and Rio Tinto, who are heavily exposed to the Chinese market, with the bellwether stocks shedding up to 5.5 per cent of their value at various points in the day.
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Source: HighBeam Research, STOCKS - AUSTRALIAN BOURSE BEGINS FIRMER - MARCH 1, 2007.