Afterpay’s shares smashed on ASX today. But why?

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Afterpay’s shares smashed on ASX today. But why?

 Afterpay’s shares smashed on ASX today. But why?

After recording 3.74% of decline yesterday, Afterpay Touch's (ASX: APT) share price continues to hit the gravity today, i.e. 6 September 2018. In an early trade this morning the stock has gone down as much as 8.5% to trade at $15.32.

There is no company related news or updates, then what just happened? As far as the most recent updates are concerned a retail payment provider has seen rise in share price immediately corresponding to the successful capital raising of $117 million in support of its international expansion plan. And even the recent good news of acquiring ThinkSmart's ClearPay did seem to interest investors for too long.

But where did this thrust come from?

Is it the after-shock of massive crunch in the U.S. tech sector?

As last night all tech giants including Amazon, Microsoft, Facebook, Twitter, and Netflix were dragged down on Wall street. Despite flying high the second trillion dollar label yesterday, e-commerce company Amazon also sunk lower on New York Stock exchange. Whereas Twitter and Netflix were among the worst performer reporting 6% decline in their share price.

So, it probably seems to be profit booking by the investors following slump in U.S. technology sector.

But it is not just Afterpay that is down on ASX today. In an early trade today, Altium Limited (ASX: ALU) share price slipped nearly 4.5%, Appen Ltd (ASX: APX) was down by almost 5%, WiseTech Global Ltd (ASX: WTC) was around 5% lower, and the Xero Limited (ASX: XRO) has fallen by almost 3.5%.

At the timing of writing, Afterpay's share price is lower by 4.306% to $16.00. (6 September 2018; 8:07 PM AEST).

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