The Australian share market has suffered another day of carnage after US President Donald Trump’s stimulus news failed to ease concerns about the economic impact of the coronavirus pandemic.

The benchmark S&P/ASX200 closed down 421.3 points, or 7.36 per cent, at 5,304.6 points, while the broader All Ordinaries index dived 418.4 points, or 7.23 per cent, to 5,370.9.

In percentage terms it was the worst losses for the ASX200 since October, 10 2008, surpassing Monday’s 7.33 per cent selloff.

The Australian dollar meanwhile was buying 64.55 US cents, down from 65.05 US cents from at the market close on Wednesday.