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Why are ASX 200 tech shares having such a lousy day?

Its a bad day to own shares in these ASX 200 tech stocks…
The post Why are ASX 200 tech shares having such a lousy day? appeared first on The Motley Fool Australia. –

Monday’s session is proving to be a bad day for S&P/ASX 200 Index (ASX: XJO) technology shares.

The S&P/ASX 200 Info Tech Index (ASX: XIJ) is one of the worst-performing indexes today, having fallen 1.51% at the time of writing. The S&P/ASX All Technology Index (ASX: XTX) is also flopping. It’s dipped 1.59% right now.

For context, the ASX 200 is in the shallow end of the red, sporting a 0.19% drop.

So, what has caused the ASX tech sector’s slump and which shares are suffering as a result? Let’s take a look.

What’s weighing on the sector?

ASX 200 tech shares are struggling to stay afloat today despite no obvious weight having been placed on them.

While the sector often trends alongside the tech-heavy NASDAQ Composite, the New York-based market hasn’t opened yet.

Additionally, the composite recorded a record high close for the second day in a row at the end of Friday’s session. It gained 0.16% on Friday to finish at 15,971.59 points.  

Additionally, there’s been no news from the sector’s biggest weights.

These ASX 200 tech shares are sinking today

The biggest loser of the ASX 200 information technology sector today is the Nuix Ltd (ASX: NXL) share price.

It’s fallen 4.61% at the time of writing and is trading at $2.90. The dip comes despite the company’s silence.

Xero Limited (ASX: XRO) is the index’s second-worst performer. Its share price is recording a drop of 3.55% and trading at $148.98.

Meanwhile, ASX favourite Afterpay Ltd (ASX: APT) is also in the red, falling 0.8% to $116.54.

In fact, only one ASX 200 tech stock is seeing its share price gain. That is Iress Ltd (ASX: IRE) – up 0.58%.

Though, unfortunately, there is no clear explanation for those movements either.

The post Why are ASX 200 tech shares having such a lousy day? appeared first on The Motley Fool Australia.

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More reading

Why Afterpay, Clinuvel, Inghams, and Virgin Money UK shares are tumbling

Which tech shares are dragging down the ASX 200 on Friday?

Expert highlights big threat to the Zip (ASX:Z1P) share price

Own ASX BNPL shares? These were the best performers during October

Afterpay (ASX:APT) share price set to tumble after Square’s shares sink

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 and Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Nuix Pty Ltd. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and Xero. 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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