Australia: Shares slip, pressured by tech, healthcare stocks; NZ falls
[SYDNEY] Australian shares declined on Tuesday, as gains in the energy sector were overshadowed by falls by technology and healthcare stocks, as well for gold miners.
The S&P/ASX 200 index slipped 0.5 per cent to 6,614.10 at the close. The benchmark inched 0.01 per cent higher on Monday.
Overnight, Wall Street was also pressured by US tech and healthcare stocks, leading it to close largely flat.
The Australian tech index was 3.4 per cent lower at the close.
The biggest drag on the Australian benchmark, logistics software maker WiseTech Global, ended the session over 7 per cent lower, hitting a 1-1/2 week low
Australian tech stocks "have seen valuations recently that are uncommon in most other sectors. Investors may be taking some money off the table after the strong performances of some of the highest flying tech stocks", said Marc Kennis, principal of Pitt Street Research.
Gold stocks plunged over 4 per cent, the index's fourth straight losing session, as bolstered appetites for riskier assets dropped the precious metal's prices to a four-week low.
The broader mining index shed nearly 1 per cent on a second consecutive down day.
Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index dropped 0.5 per cent to finish at 11,142.58.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Why the yen is so weak and what that means for Japan
Europe: Stoxx ends lower as auto giants weigh; investors parse inflation data
US: Wall Street stocks fall as markets weigh strong wage data, Fed meeting
Japan may have spent 5.5 trillion yen on Apr 29 intervention, BOJ data suggests
Singapore stocks rise, tracking regional bourses; STI up 0.3%
Asia: Markets build on Wall Street rally, yen holds bounce