Australian share market down 1.4 pct in early trade

SYDNEY: The Australian share market fell by 1.4% in early trading on Monday as oil prices continued to rise.

The S&P/ASX 200 dropped 1.4% in the first hour of trade to 8,397 points at 11.00 am Australian Eastern Daylight Time (0000 GMT), down from 8,516.3 points at the close on Friday.

The benchmark index was down about 8.7% over the past month.

Global oil prices approached US$120 a barrel amid the ongoing conflict in the Middle East.

The Australian Broadcasting Corporation reported that the financial and healthcare sectors were hit particularly hard on Monday morning.

By RSS/Xinhua