Aussie tech stocks track Wall Street slump, set for worst day in over 3 weeks

Altium

13/03/2023 24:20

** Australian tech stocks  .AXIJ  drop as much as 2.4%, set
for worst session since Feb 17, if losses hold
    ** Sub-index hits lowest since March 3
    ** AXIJ tracks Wall Street's losses on Friday following the 
failure of a high-profile lender SVB Financial Group  SIVB.O ,
overshadowing the February U.S. jobs report
    **  Network-as-a-service solutions provider Megaport
 MP1.AX  leads losses on AXIJ, slumping as much as 4.6% 
    ** ASX-listed cloud-based accounting software co Xero
 XRO.AX  slips up to 4%, on track for worst day since Feb 17, if
trend holds, even as co confirms that it does not have a
material exposure to Silicon Valley Bank 
    ** Altium  ALU.AX  drops as much as 2.8%, while WiseTech
Global  WTC.AX  slides 2.5%
    ** AXIJ up 9.1% so far this year, as of last close, vs a
1.5% rise in the benchmark index  .AXJO 
    


 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))