18:45

Coronavirus fears have driven the Australian market down for the fifth day running, with the benchmark ASX200 index dropping almost 3.2% shortly after the opening bell.

Retailer Harvey Norman, which had experienced only very small falls this week, finally succumbed to selling pressure after releasing its half year results this morning.

Within half an hour of the opening bell its shares tumbled 7.9%, the third biggest fall among ASX200 stocks.

The company blamed “widespread bushfires and associated severe reductions in air quality that affected many communities” that hit franchisees during the peak Christmas shopping season for a 4.1% fall in its profits for the six months to the end of December compared to the same time the previous year.

Buy-now-pay-later company Afterpay, which has been something of a market darling, was the biggest loser in early trade, diving 9.4%.

Also plunging were stocks with exposure to the Chinese market or international travel, both of which have been disrupted by the virus crisis.

Online flight booking site Webjet and travel agency Flight Centre both fell more than 4%, national carrier Qantas dropped 3% and Air New Zealand, which is listed on the Australian exchange but is not part of the ASX200 index, was also down 3%.

Also punished was Andrew “Twiggy” Forrest’s Fortescue Metals, which exports iron ore to China. Its stock fell almost 5.8%.

David Ingles (@DavidInglesTV) Australian stocks have now dropped 10% from peak; ASX 200 flirts with a technical correction pic.twitter.com/vopjTyXDzE