Tech Stocks Plunge With China’s Retaliatory Tariffs

Tech Stocks Plunge With China’s Retaliatory Tariffs

The escalating trade tensions between the United States and China have impacted the technology stocks in the Australian share market as they followed the lead of their U.S. counterparts. The trade war aggravated when China announced the imposition of retaliatory tariffs on US goods worth $US60 billion.

The Australian Stock Exchange ended up lower today at AUD 6239.9 units with a fall of 0.9 per cent. The below chart highlights the top gainers and losers on the ASX.

In the first half hour of trade today, the tech sector led losses dropping 2.49 per cent. The tech sector index closed lower on the Australian Stock Exchange (ASX) today at 1,348.3 points, down by 1.16 per cent or 15.6 points.

Let us look at some of the technology stocks that traded on the ASX today.

WiseTech Global Limited

Founded in 1994, WiseTech Global Limited (ASX: WTC) is engaged in the development of cloud-based software solutions for the domestic and international logistics industries. Across 130 countries, more than 12,000 logistics organizations use WiseTech Global’s software.

The company’s stock ended up lower at AUD 21.300 today with a fall of 2.2 per cent relative to the last close. The stock fluctuated between the low and high value of AUD 20.91 and AUD 21.40 respectively while it opened at AUD 21.33 today.

Afterpay Touch Group Limited

Tech-driven payments company, Afterpay Touch Group Limited (ASX: APT) offers Buy-Now-Pay-Later offering with over 3.5 million active customers and more than 25,000 active retail merchants on-boarded. The Afterpay Touch Group Limited was formed when the Afterpay and Touchcorp came together in June 2017.

Afterpay’s stock closed at AUD 26.00 today, down by 0.65 per cent. Around 1,600,326 number of Afterpay’s shares were in trade today. The stock’s 52-week high and low value was noted as AUD 28.700 and AUD 6.850 respectively. While the company’s stock has not performed well today, but the stock has generated a YTD return of 118.08 per cent.

Appen Limited

Incorporated in the year 2009, Appen Limited (ASX: APX) deals in the linguistics services. The company prepares superior quality human-annotated data sets for machine learning and artificial intelligence.

The Appen’s stock opened at AUD 23.05 today, dropped to a low value of AUD 22.15 due to market volatility and it rose afterwards ending up at AUD 24.140, up 0.7 per cent.

Xero Limited

New Zealand based public software company, Xero Limited (ASX: XRO) connects small and medium-sized businesses to its advisors besides offering cloud-based accounting software services.

XERO’s stock fell 1.448 per cent today closing at AUD 53.750. The stock touched a low value of AUD 52.97 mid-day. The stock opened lower at AUD 53.38 today relative to its previous close of AUD 54.54.

Information Technology stocks like Adacel Technologies Limited (ASX: ADA), NetComm Wireless Ltd. (ASX: NTC) and Altium Limited (ASX: ALU) also felt the pressure by US-China trade war and closed in red on the ASX today.


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