Aussie Tech Stocks Plunge Again
SYDNEY: Any hope that the Australian sharemarket might continue to respond positively to global events after Tuesday’s surprise rise thundered back to earth yesterday, with most shares down sharply and AAP analysis declaring “there’s no bottom in sight”.
The overall market closed at its lowest level in 14 months after losing more than 20 percent of its value in 14 trading sessions.
The technology sector followed that trend, with all the tech stocks on CDN’s page four listing down markedly.
Leading the way down was former market favourite AfterPay, which plunged to 27.03 – almost half of its 52-week top of 41.14.
Richard White’s WiseTech finished at a new low for the year of $13.43; and Rene Sugo’s MNF at $3.36 was just one cent above its year low.