ASX 200 Snaps 4 Sessions of Gain as Real Estate Retreats

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ASX 200 Snaps 4 Sessions of Gain as Real Estate Retreats
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 dropped 79.5 points or 1.2% to 6,684.1 after the first hour of Wednesday’s trade, snapping four sessions of consecutive gain and tracking a retreat in U.S. equities overnight as weaker than expected consumer confidence data heightened growing fears of an economic downturn.

ASX 200 Futures were pointing just 0.1% higher.

Among stocks, real estate companies retreated 3.1%, with Goodman Group (ASX: GMG ) down 3.6%, Charter Hall Group (ASX: CHC ) falling 3.9%, Mirvac Group (ASX: MGR ) down 3.3%, Scentre Group Ltd (ASX: SCG ) dipping 1.5%.

Telecommunication Services were 2.4% lower as Rea Group Ltd (ASX: REA ) fell 4.2%, Domain Holdings Australia Ltd (ASX: DHG ) lost 3.7%, Seek Ltd (ASX: SEK ) 3.8%, Telstra Corporation Ltd. (ASX: TLS ) 1%.

Information Technology fell 2.5% collectively, with Block Inc (ASX: SQ2 ) down 6.5%, Appen Ltd (ASX: APX ) falling 5.7%, Megaport Ltd (ASX: MP1 ) dipping 6.9%, Brainchip Holdings Ltd (ASX: BRN ) droping 4% and Xero Ltd (ASX: XRO ) shedding 5.2%.

Meantime, Energy companies bucked the trend, rising 0.7% amid stronger Oil prices. Woodside Energy Ltd (ASX: WDS ) added 1.8%, Santos Ltd (ASX: STO ) lifted 0.7%, Beach Energy Ltd (ASX: BPT ) gained 2.8% and Viva Energy Group Ltd (ASX: VEA ) gained 0.9%.

On the bond markets, Australia 10-Year yields were at 3.779% United States 10-Year yields fell to 3.162%.

In New Zealand, the NZX 50 dipped 1% to 10,992.

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