It’s been a tough week on the exchange for these S&P/ASX 200 Index (ASX: XJO) tech shares. They’ve each seen their share price fall by 4% or more without uttering a single word.
In fact, many ASX tech shares have had a rough time since Monday. The S&P/ASX All Technology Index (ASX: XTX) has dropped 1.54% this week.
Let’s take a look at what’s been weighing on these 3 ASX tech giants’ share prices.
3 ASX 200 tech shares that have fallen this week
Afterpay Ltd (ASX: APT)
This week’s been a shocking ride so far for the Afterpay share price.
Right now, the ASX 200 tech giant’s shares are 10.92% lower than they were when they started the week, trading for $104.38 a piece.
Afterpay’s woes kicked off on Wednesday when both Apple Inc and Paypal Holdings Ltd released news on buy now, pay later (BNPL) offerings.
Apple’s news was of a brand-new product that it’s planning on launching that would allow Apple Pay users to pay for purchases in instalments.
The US-based tech giant is reportedly partnering with Goldman Sachs, which will provide loans for the service.
Additionally, on Wednesday Paypal announced it had launched its fee-free BNPL service in Australia.
The barrage of new competition saw the Afterpay share price slide 9.74% on Wednesday. The ASX 200 BNPL giant’s shares have continued falling since.
Zip Co Ltd (ASX: Z1P)
Zip didn’t escape the BNPL onslaught on Wednesday. In fact, the Zip share price was hit hardest.
It fell 11.35% on Wednesday and has been in the red ever since.
Right now, the ASX 200 BNPL company’s shares are swapping hands for $6.91 – 16.55% less than they were at last Friday’s close.
Tyro Payments Ltd (ASX: TYR)
Finally, the share price of ASX 200 tech share Tyro Payments has had a shocking week.
Despite seemingly missing the above-mentioned carnage, its shares have fallen 4.11% over the course of the week to trade for $3.50 apiece.
Additionally, the company hasn’t released any obvious bad news. In fact, the only uttering we’ve heard from Tyro this week was its latest weekly results, which seemed positive enough.
Unfortunately, that’s just how the cookie sometimes crumbles for ASX shares.
The post These 3 ASX 200 tech shares are down more than 4% this week appeared first on The Motley Fool Australia.
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More reading
- 5 things to watch on the ASX 200 on Friday
- Here are 3 of the most heavily traded ASX 200 shares today
- Why Flight Centre, PolyNovo, Vulcan, & Zip shares are sinking
- Afterpay & Zip shares: Brokers react to Apple and PayPal BNPL news
- The ASX 200 is trading near record highs – time to worry about popping bubbles?
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 shares of and has recommended AFTERPAY T FPO, Apple, PayPal Holdings, Tyro Payments, and ZIPCOLTD FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2022 $75 calls on PayPal Holdings, long March 2023 $120 calls on Apple, and short March 2023 $130 calls on Apple. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia has recommended Apple and PayPal Holdings. 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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