Australian Shares Finish 0.3% Lower as Tech Suffers

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Australian Shares Finish 0.3% Lower as Tech Suffers
Credit: © Reuters.

By Oliver Gray 

Investing.com - The S&P/ASX 200 fell 20.1 points or 0.3% lower at 7,128.8 during Tuesday’s session, tracking Dow futures lower as investors remain cautious amid fears of slowing economic growth.

Among stocks, Information Technology companies plunged 3% collectively after U.S. social media app Snap Inc (NYSE: SNAP ) downgraded its June quarter profit guidance. Block Inc (ASX: SQ2 ) finished 7.3% lower, Appen Ltd (ASX: APX ) fell 1.9%, Brainchip Holdings Ltd (ASX: BRN ) shed 9.5% and Altium Ltd (ASX: ALU ) fell 2.4%.

Telecommunication Services fell 1.9% overall with Rea Group Ltd (ASX: REA ) down 3.6%, Domain Holdings Australia Ltd (ASX: DHG ) falling 1.8% Seek Ltd (ASX: SEK ) down 4.2% and Telstra Corporation Ltd. (ASX: TLS ) dipping 1.3%.

Financials and Real estate bucked the trend, each finishing 0.4% higher as Australia and New Zealand Banking Group Ltd (ASX: ANZ ) added 0.2%, National Australia Bank Ltd (ASX: NAB ) gained 1% and Westpac Banking Corp (ASX: WBC ) lifted 0.6%, while Mirvac Group (ASX: MGR ) increased 0.9%, Charter Hall Group (ASX: CHC ) gained 1.7% and Goodman Group (ASX: GMG ) added 1.5%.

Tabcorp Holdings Ltd (ASX: TAH ) plunged 80.2% following the demerger of its lottery and Keno businesses into separate listed entities.

On the bond markets, Australia 10-Year yields were at 3.316% while United States 10-Year rates were at 2.86%.

In New Zealand, the NZX 50 was 0.6% lower at 11,247.

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