Aust stocks hold firm despite global panic

The Australian stock market made modest gains at noon as Asian markets tracked higher, with investors shrugging off steep falls on overseas markets on China credit crunch fears.

The Australian stock market made modest gains at noon as Asian markets tracked higher, with investors shrugging off steep falls on overseas markets on China credit crunch fears.

At 1205 AEST, the benchmark S&P/ASX200 index added 0.37% to 4,686.6 points, while the broader All Ordinaries index rose 0.26% to 4663.1 points.

In Australia, the market on Monday posted its largest one-day loss in two months as nervous investors looked to steep falls on Asian markets due to fears of a credit crunch in China.

The benchmark S&P/ASX200 index was down 69.7 points, or 1.47%, at 4,669.1 points, while the broader All Ordinaries index was down 72.7 points, or 1.54%, to 4651.1 points.

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