ASX falls below 50-day moving average

Sub-title: Market drops 254.0 points, or 0.33%, to close at 7724.30

Key points

• Australian Securities Exchange (ASX) share prices dropped on Friday.
• The S&P/ASX 200 Index closed down 254.0 points, or 0.33%, at 7724.30.
• The index crossed below its 50-day moving average.

The Australian Securities Exchange (ASX) share prices dropped on Friday, with the S&P/ASX 200 Index closing down 254.0 points, or 0.33%, at 7724.30.

The index crossed below its 50-day moving average, which is a technical indicator that is often used to identify trends.

The fall in share prices was led by the energy sector, which dropped 1.1%. The financial sector also fell, by 0.5%. The only sector to rise was the healthcare sector, which gained 0.2%.

The drop in share prices comes amid concerns about the global economy. The International Monetary Fund (IMF) has recently downgraded its growth forecasts for the global economy, and there are concerns about the impact of the trade war between the United States and China.

The IMF has also warned that the global economy is facing a number of risks, including the possibility of a no-deal Brexit and a slowdown in China.

The fall in share prices on Friday is a reminder that the Australian economy is not immune to the risks facing the global economy.