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Australian shares dip in wary start to week

Australian shares fell 0.35 percent on Monday as investors reacted to US technology stock declines.

Updated 1 min read

Published by Agyata NewsroomEditorial policyCorrections

Key points

  • The S&P/ASX200 index fell 31.9 points to 8988.9 by midday on Monday.
  • Market strategist Tapas Strickland attributed the caution to AI jitters and US midterm elections.
  • The Australian dollar declined to 68.78 US cents against the greenback.

Why it matters. The decline reflects investor caution following a sharp sell-off in US technology stocks, though Australia's lack of exposure to advanced tech has provided some relative stability.

Updated Sources: Thewest

Australian stocks opened lower on Monday as investors reacted to recent declines in American technology shares. The S&P/ASX200 index dropped 0.35 percent to 8988.9 by midday, while the All Ordinaries fell 0.29 percent to 9117.9. Market strategist Tapas Strickland noted that Australia's limited exposure to advanced tech made it relatively attractive compared to the US market. Despite the dip, the local benchmark has risen 2.6 percent since late September due to a shift toward banks and supermarkets.

Latest updates

Australian shares dip in wary start to week

Australian shares opened cautiously on Monday as AI concerns and interest rate fears outweighed gains in mining stocks. The S&P/ASX200 index dropped 31.9 points, or 0.35 percent, to reach 8988.9 by midday, while the All Ordinaries fell 26.8 points, or 0.29 percent, to 9117.9. Moomoo strategist Tapas Strickland noted that the local benchmark had risen 2.6 percent since late September due to a shift toward banks, supermarkets, and telcos, contrasting sharply with the S&P 500's 3.6 percent decline over the same timeframe. By lunchtime, eight of eleven sectors were lower, with financials leading the drop at 1.5 percent. Among the major banks, ANZ was the weakest performer, falling over four percent to $38.61.

Thewest

Sources

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