How did ASX 200 tech shares perform on the market today?

a woman wearing a close-sitting hat featuring wires and thick computer screen glasses clutches her computer monitor and looks shocked and disturbed as she reads old-fashioned computer text from the screen.a woman wearing a close-sitting hat featuring wires and thick computer screen glasses clutches her computer monitor and looks shocked and disturbed as she reads old-fashioned computer text from the screen.a woman wearing a close-sitting hat featuring wires and thick computer screen glasses clutches her computer monitor and looks shocked and disturbed as she reads old-fashioned computer text from the screen.

Key points

  • ASX 200 tech shares finished the day in the green on Monday
  • Afterpay closed slightly in the red after recovering from a steep fall earlier in the day
  • Technology shares followed the performance of the tech shares on US markets

ASX 200 tech shares finished in the green today after their NASDAQ counterparts rebounded at the end of last week.

The S&P/ASX All Technology Index (ASX: XTX) closed up 0.68% today, while the S&P/ASX 200 Info Tech (ASX:XIJ) index finished 0.75% higher.

Let’s take a look at what happened to ASX 200 tech shares today.

Why are tech shares in the green?

ASX tech shares seemed to be following in the footsteps of the tech rally in the United States on Friday.

The NASDAQ-100 Technology Sector Index (NASDAQ: NDXT) finished up 1.41% on Friday night in the US. This often sets the pace for Australian tech shares, as my Foolish colleague James noted this morning.

The Megaport (ASX: MP1) share price closed 1.15% higher, trading at $18.41. Meanwhile, software provider TechnologyOne (ASX: TNE) also had a good day, up 2.06%.

Artificial Intelligence data provider Appen Ltd (ASX: APX) jumped 0.2% while Xero Limited (ASX: XRO) rose 0.43%. Altium Limited (ASX: ALU) gained 1.54% while telecommunications provider Chorus Limited (ASX: CNU) closed the session 1.23% higher.

One ASX 200 tech company that had a roller-coaster day is Afterpay Ltd (ASX: APT). The buy now, pay later company’s shares closed slightly lower, down 0.84% to $68.45.

However, earlier this morning, Afterpay shares dropped 2.79% from Friday’s close to an intraday low of $67.10. This may be because Block Inc (NYSE: SQ) also fell 2.67% on Wall Street on Friday night. Afterpay will trade on the ASX for the final time on 19 January pending its takeover by Block.

Today’s gains for ASX 200 tech shares follow a sell-off on Friday when the All Technology Index dropped 2.56%. Meanwhile, the S&P/ASX 200 Info Tech Index fell 3.94% on the final day of last week.

The post How did ASX 200 tech shares perform on the market today? appeared first on The Motley Fool Australia.

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More reading

The Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Afterpay Limited, Altium, Appen Ltd, Block, Inc., and MEGAPORT FPO. The Motley Fool Australia owns and has recommended Afterpay Limited and Appen Ltd. The Motley Fool Australia has recommended MEGAPORT FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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