ASX drops despite big Asian gains as tech, telcos hammered


Despite a late rally on Wall Street and strength in Asian markets, Australian shares fell heavily on Thursday, giving back much of Wednesday’s gains.

The benchmark S&P/ASX 200 slid 43.8 points, or 0.7 per cent, to 6708.8, dragged lower by steep falls across a majority of sectors.

The ASX fell heavily on Thursday despite a solid lead from Wall Street and strong gains in Asia.Credit:Tamara Voninski

Telecommunications led the losses, slumping 1.7 per cent. REITs and technology also shed more than 1 per cent for the session, the latter reflecting continued steep falls in the so-called “WAAAX” stocks.

The weak local market contrasted with strong gains across Asia, as investors cheered comments from US Federal Reserve chair Jerome Powell indicating the bar for interest rate hikes in the year ahead is high in the absence of a sustained increase in inflationary pressures.



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