WiseTech Global Ltd (WTC.AU), a leading provider of logistics software solutions, saw its stock plummet by 5% during Friday's trading session, as the Australian technology sector faced significant pressure. This sharp decline comes amid a broader sell-off in tech stocks, pushing the sector to its lowest levels in eight months.
The Australian tech stock index (.AXIJ) experienced a substantial drop of up to 4.5%, mirroring the steep losses observed overnight on Wall Street. The US market witnessed its most significant one-day decline since 2020, sending shockwaves through global tech stocks. WiseTech Global's tumble was part of a sector-wide trend, with other major players like Xero (XRO.AX) also seeing notable declines.
This latest setback adds to the challenging year for Australian tech stocks, with the sector now down nearly 22% year-to-date, significantly underperforming the broader ASX 200 benchmark (.AXJO), which has only fallen by 5.2%. As investors reassess their positions in growth-oriented tech companies amid changing market conditions, firms like WiseTech Global may face continued volatility in the near term.
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