By Oliver Gray
Investing.com - 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%.
In New Zealand, the NZX 50 dipped 1% to 10,992.
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