ASX 200 Slumps 0.52% as CBA Plunges on Budget Tax Changes and Rising Bad Debts

ASX 200 Slumps 0.52% as CBA Plunges on Budget Tax Changes and Rising Bad Debts

SYDNEY — The S&P/ASX 200 index fell sharply Wednesday, closing at 8,625.3 after shedding 45.4 points or 0.52 percent, as heavy selling in banking stocks — led by a near 10 percent crash in Commonwealth Bank — overshadowed gains in mining giants and reflected investor unease over the federal budget's tax reforms.

The ASX 200 just fell for a fourth straight day. Should investors be worried?

Our Aussie share market is having another difficult session on Wednesday, and the selling is starting to look more persistent. At the time of writing, the S&P/ASX 200 Index (ASX: XJO) is down 0.38% to 8,637 points. That leaves the benchmark index on track for its fourth straight daily decline. It also adds to a weak month for investors, with the ASX 200 finishing higher on just 6 trading days over the past month. The index is still up about 4.46…