Ann: Positive Outcome for Peelwood Water Study ! , page-28

re: Ann: Positive Outcome for Peelwood Water ... Australia?s sharemarket has plunged after Japan?s Prime Minister Naoto Kan warned radiation levels around quake-stricken nuclear reactors in north-eastern Japan were rising, shaving as much as $40 billion off the value of the local market.

The benchmark S&P/ASX 200 index slumped as much as 2.8 per cent on Mr Kan's comments and was recently down 119.3 points, or 2.6 per cent, at 4507.1, while the broader All Ordinaries index lost 118 points, or 2.4 per cent, to 4592.1.

The Australian dollar fell to $US1.0004, compared with $US1.0041 before the PM?s statement and $US1.0079 at yesterday's local close of trade.

White Funds capital management director Angus Gluskie said the market panic had nothing to do with the underlying values of the stocks.

?We expect (the Japanese authorities) will progressively get the reactor issues under control and the risk then comes off the table,? said Mr Gluskie. ?At the moment people are fearful because it?s seems like a complete unknown.

?It?s the fear of the unknown you?re seeing in the markets,? he said.

?These kinds of moves are knee-jerk moves, it?s highly likely we?ll see value buyers come back into the market?we?re likely to see the market up from where it is now,? said Mr Gluskie. ?The movements in equities have no relation to fundamentals at this time.?