SYDNEY, AAP – Shares on the ASX have had their biggest drop since June on concerns about a slowing Chinese economy and the spread of coronavirus.

Investors sold shares in financials, energy and materials as they became less confident about the rate of demand for goods and services.

The benchmark S&P/ASX200 index closed lower by 71.5 points, or 0.94 per cent, to 7511 on Tuesday.

The All Ordinaries closed down 76.3 points, or 0.97 per cent, to 7773.3.

The Australian dollar was buying 73.06 US cents at 1621 AEST, lower than 73.37 US cents at Monday’s close.