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Market slumps despite rate cut

AN interest rate cut by the central bank failed to stem falls on the Australian share market, which closed 4 per cent lower after taking its cue from weaker global bourses.The benchmark S&P/ASX200 index was down 153 points, or 4.16 per cent, at 3,528.2, while the broader All Ordinaries index shed 145.6 points, or 4.02 per cent, to 3,473.4.

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