Australia's tech stocks hit 8-month low, set for fourth weekly drop

Altium

21/01/2022 03:08

** Australia's tech stocks  .AXIJ  fall as much as 1.6% to
their lowest since May 20
    ** Tech stocks track their Wall Street peers lower after the
tech-heavy Nasdaq  .IXIC  entered into correction territory 
    ** Losses in line with a broader sell-off in the Australian
market, with the benchmark index  .AXJO  down 1.8%
    ** A spike in Treasury yields amid concerns the Federal
Reserve would be aggressive in controlling inflation has hit
tech and growth stocks  .N 
    ** Software firm WiseTech  WTC.AX  drops as much as 1.6% 
    ** Electronics design software maker Altium  ALU.AX  and
network operator Megaport  MP1.AX  fall 3.2% and 4.5%,
respectively
    ** However, New Zealand-based cloud accounting software firm
Xero  XRO.AX  advances as much as 1.5% 
    ** AXIJ set for its fourth straight weekly drop 
    ** AXIJ down 12.4% this year, as of Thursday, vs a 1.4%
decline in AXJO 

 (Reporting by Navya Mittal)
 ((Navya.Mittal@thomsonreuters.com;))