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1.Market Observations

16 Oct 2018 (AFR) – Relentless selling savages ASX tech stocks – Technology rout spearheads ASX slump

(16 October 2018, AFR, p1, by Vesna Poljak)

‘A return of savage selling for the market’s technology stocks has hit the high-flying sector and caused the value of Afterpay shares to fall more than 30 per cent, and Wisetech, Appen and Altium more than 20 per cent, from their August highs. The S&P/ASX 200 Index declined 58 points on Monday, settling at the lowest level since April, for a loss of 0.99 per cent to 5837.1 points. The carnage on the ASX follows a near-correction by the Nasdaq Composite index last week, the home of the FAANG stocks Facebook, Amazon, Apple, Netflix and Google. From its record high two months ago to last week’s lows, the tech-heavy index fell more than 9 per cent, trimmed to around 7 per cent on Friday’s Wall Street recovery.’

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