ASX technology shares had a shocker today.
The post ASX tech shares sink amid Megaport (ASX: MP1) crash and NASDAQ fall appeared first on The Motley Fool Australia. –
ASX 200 tech shares had a tough day on Wednesday
Technology shares followed a similar pattern as on US markets overnight
Megaport had a particularly grim day, falling 16%.
ASX technology shares finished in the red today after a tech selloff on the NASDAQ overnight and with Aussie tech company Megaport falling dramatically.
The S&P/ASX All Technology Index (ASX: XTX) fell 1.71% today while the S&P/ASX 200 Info Tech (ASX: XIJ) finished 2.56% lower. The Megaport Ltd (ASX: MP1) share price had a particularly disastrous day, shedding 16.15%.
Let’s take a look at what weighed on technology shares today.
Tech shares fall
ASX tech shares fell after the NASDAQ-100 Technology Sector Index (NASDAQ) dropped 3.39% in the US overnight. Australian technology shares often follow in the footsteps of their US peers, as Motley Fool Australia has noted previously.
Megaport led the pack in share fallers today. The company’s shares fell to their lowest level in 8 months, closing at $15.32. This is the worst result for the company’s shares since 7 June, when the company’s shares finished at $15.24.
Despite the company reporting an 8% gain in second-quarter revenue to $26.6 million, investors sold down the share.
However, Appen Ltd (ASX: APX) bucked the trend today, gaining 3.87% to finish at $10.47.
ASX technology share recap
The All Technology Index has fallen 5.78% in the past year, while the Info Tech index has dropped 14.69%.
In contrast, the S&P/ASX 200 Index (ASX: XJO) has returned 8.75% in the past year.
The post ASX tech shares sink amid Megaport (ASX: MP1) crash and NASDAQ fall appeared first on The Motley Fool Australia.
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The author 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, 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.