Friday is proving to be a rough day for ASX tech shares, with some of the sector’s most recognisable participants among its worst performers.
At the time of writing, the S&P/ASX All Technology Index (ASX: XTX) has slumped 3% while the S&P/ASX 200 Information Technology Index (ASX: XIJ) has fallen 3.95%.
For context, the S&P/ASX 200 Index (ASX: XJO) is also in the red, having slipped 0.82%. The All Ordinaries Index (ASX: XAO) is slightly worse off, slumping 0.92%.
Let’s take a look at which ASX tech shares are suffering and what might be weighing on the sector.
What’s dragging ASX tech shares lower today?
Shares in some of the market’s favourite tech shares are plummeting on Friday for no obvious reason.
The Zip Co Ltd (ASX: Z1P) share price is being pummelled. It’s currently falling 12.3% to trade at $1.64 – its lowest point in nearly 2 years.
The Block Inc CDI (ASX: SQ2) share price is also struggling today. It’s currently down 9.52% to $152.46.
Meanwhile, shares in EML Payments Ltd (ASX: EML), Tyro Payments Ltd (ASX: TYR), and Novonix Ltd (ASX: NVX) are down 6.3%, 5%, and 4% respectively.
The ASX tech sector’s suffering might be being driven by similar struggles in the US market overnight. The tech-heavy Nasdaq Composite (NASDAQ: .IXIC) slumped 1.6% on Thursday.
Block’s New York-based listing (Block Inc (NYSE: SQ)) also tumbled 8.1% while most of Australia slept.
The post ASX tech shares take a hammering on Friday appeared first on The Motley Fool Australia.
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More reading
- Why Magellan, Nick Scali, Qantas, and Zip shares are tumbling today
- Tyro (ASX:TYR) share price continues its tumble, down 5% today
- 5 ASX 200 shares slumping to 52-week lows on Friday
- ASX 200 (ASX:XJO) midday update: Block, Zip tumble, QBE’s asset sale
- The 14% discount offered on the Zip (ASX:Z1P) share purchase plan has now vanished. What now for investors?
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Block, Inc., EML Payments, Tyro Payments, and ZIPCOLTD FPO. The Motley Fool Australia owns and has recommended Block, Inc. and EML Payments. The Motley Fool Australia has recommended Tyro Payments. 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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