Aussie tech firms slump, track Nasdaq sell-off on hawkish Fed, slowdown concerns

EML Payments

27/04/2022 01:43

** Australian tech stocks  .AXIJ  fall as much as 3.6% to
1,586.70, their lowest since March 9
    ** Losses come as local tech firms track overnight sell-off
on Nasdaq Composite Index  .IXIC , which marked its worst
closing level since December 2020  .N 
    ** Concerns regarding slowing global growth and an
increasingly hawkish U.S. Federal Reserve prompt investors to
exit growth stocks
    ** In Australia, heavyweights COMPUTERSHARE Ltd  CPU.AX  and
Xero Ltd  XRO.AX  lose 4.7% and 3.2%, respectively
    ** EML Payments  EML.AX  extends losses into a seventh
session, slumps up to 11.1%, further to a massive 38.6% plunge
on Tuesday  urn:newsml:reuters.com:*:nL3N2WO068
    ** ASX-listed shares of Block Inc  SQ2.AX  fall as much as
6.5%  
    ** AXIJ set for its worst day since March 11, and on track
to lose for a fourth straight session, if losses hold
    ** AXIJ among top weights in the ASX 200 benchmark index
 .AXJO , which is down 1.1% 
    ** Index down 23% this year, as of last close, significantly
worse than the 1.7% decline in the ASX 200 benchmark index 

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))