Australia's tech stocks snap two session of gains, Afterpay drags

Altium

08/09/2021 07:04

** Australia's tech stocks  .AXIJ  snap two sessions of
gains to fall 1.1%
    ** Buy now, pay later giant Afterpay  APT.AX  is the biggest
drag to the subindex, drops 2.3% 
    ** U.S. payments giant PayPal Holdings  PYPL.O  announces a
deal to buy Japanese BNPL firm Paidy for $2.7 bln  urn:newsml:reuters.com:*:nL4N2QA0MF
    ** Last month, Jack Dorsey's Square Inc  SQ.N  agreed to buy
Afterpay for $29 bln, which experts say is likely the beginning
of a consolidation in the sector
    ** EML Payments  EML.AX , Megaport  MP1.AX  and Altium
 ALU.AX  among top pct losers on the subindex on Wednesday,
falling between 3.6% and 4.6%
    ** Tech stocks in Australia have been booming since the
pandemic struck
    ** AXIJ rose ~56% in 2020 and has added ~7% so far this year
       

 (Reporting by Indranil Sarkar in Bengaluru)
 ((Indranil.Sarkar@thomsonreuters.com;))