ASX Retreats After Briefly Surpassing 9000, Tech Stocks Weigh
The Australian sharemarket experienced a downturn after initially breaking the 9000-point barrier. A poor performance from local technology stocks contributed to the market's negative trajectory. The S&P/ASX 200 ultimately closed lower.
Market Performance Overview
The S&P/ASX 200 concluded the session six points down at 8981.4. While five out of the eleven industry sectors showed positive growth, the technology sector significantly impacted the index. Gains in mining and energy stocks helped to mitigate some of the losses.
Tech Stock Declines
Several prominent tech companies experienced declines. WiseTech closed 2.2 per cent lower, while Xero saw a 2 per cent decrease. Other tech companies, including Life360 (down 1.1 per cent) and TechnologyOne (down 0.9 per cent), also underperformed.
Brief Breach of 9000
The ASX had a flat close on Monday after a brief venture beyond the 9000-point mark earlier in the trading day. The market demonstrated initial strength before succumbing to selling pressure, particularly in the tech sector.
Future Outlook
Despite the day's retreat, analysts suggest the ASX could potentially surpass its all-time daily closing high of 9019.1, set on August 21. There's optimism that the market could reach a new intraday peak sometime this week, depending on broader economic factors and investor sentiment.
