Australian tech firms set for worst half-yearly performance since 2002

Altium

30/06/2022 01:38

** Australian technology stocks  .AXIJ  have fallen about
36% in the first half of 2022 and are set to record their
biggest half-yearly decline since 1H 2002
    ** AXIJ has broadly tracked weakness on the tech-heavy
Nasdaq  .IXIC , which has been battered by heightened inflation
worries and aggressive policy tightening by the Federal Reserve
 .N 
    ** The Nasdaq has dropped more than 28% this year and is set
for its worst half-yearly performance since 2H 2008
    ** Mounting fears of a U.S. recession stemming from an
aggressive Fed have forced investors to flee riskier stocks in
favour of safe-haven assets like the U.S. dollar
    ** Share registry firm Link Administration  LNK.AX  down
over 30% this year
    ** LNK has struggled to recoup losses after Australia's
competition regulator raised concerns about its proposed buyout
by Canadian firm Dye & Durham  DND.TO   urn:newsml:reuters.com:*:nL4N2Y301A  urn:newsml:reuters.com:*:nL1N2YD0GB
    ** ASX-listed shares of Block Inc  SQ2.AX  have lost over
40% since their listing on the domestic bourse on Jan. 20
    ** Software makers Xero  XRO.AX , WiseTech Global  WTC.AX 
and Altium  ALU.AX  down between 35% and 45% this year
    ** EML Payments  EML.AX  has lost more than half its value
in 1H and is on track to post its worst half-yearly performance
since 1H 2012; EML stock has not recovered since providing a
weak outlook in April  urn:newsml:reuters.com:*:nL3N2WO068

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))