ASX technology stocks fall on Tuesday, mirrors fall of Wall Street

March 26, 2024 05:15 PM AEDT | By Team Kalkine Media

Google News:

ASX technology stocks fall on Tuesday, mirrors fall of Wall Street — Image source: shutterstock.com

Recent News

What are next big copper projects? UBS tells when equipment makers cou...

EUR/USD poised to rack up more gains as ECB and Fed rate paths set to...

Carney launches ‘One Canadian Economy’ Act to unify trade, approvals

Trump signs orders to enhance drone defenses, support supersonic trave...

Australian technology shares experienced a notable downturn on 26 March 2024, mirroring the downward trend observed on Wall Street, resulting in the sub-index's most significant intraday percentage loss since March 6. The technology sub-index, saw a decline of up to 1.55%, impacting major constituents such as Xero (ASX: XRO) and WiseTech Global (ASX: WTC).

Xero, a prominent accounting software firm, witnessed a decline in its shares of as much as 2.71% to AU$133.39 apiece. This decline marked Xero's most significant intraday percentage loss since February 29, highlighting the impact of the broader market downturn on individual companies within the technology sector.

Similarly, WiseTech Global, a leading provider of logistics software solutions, experienced a decline in its shares by nearly 2.29% to AU$94.29. This downturn represented WiseTech Global's most substantial intraday percentage fall since March 15, indicating a broader market sentiment of caution among investors towards technology stocks.

Despite the recent decline, the XIJ index has demonstrated resilience throughout the year, with a year-to-date (YTD) increase of 26.4% as of the last closing. This indicates that while the recent downturn may have impacted individual companies, the overall performance of the Australian technology sector remains positive for the year.

The decline in Australian technology shares can be attributed to various factors, including concerns over rising inflation, interest rates, and global economic uncertainty. Investors may be reassessing their portfolios and adjusting their positions in response to changing market dynamics and evolving macroeconomic conditions.

In conclusion, the recent decline in Australian technology shares reflects broader market trends and sentiment, with individual companies such as Xero and WiseTech Global experiencing notable intraday losses. Despite this downturn, the overall performance of the XIJ index remains positive for the year, highlighting the resilience of the Australian technology sector amidst challenging market conditions.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.