Stock Track | WiseTech Global Plummets 9.52% Intraday Amid RBA Rate Hike and AI Competition Concerns
Stock Track
Feb 04
WiseTech Global Ltd (WTC.AU) saw its stock price plummet by 9.52% during intraday trading on Wednesday, reflecting a sharp decline in the technology sector.
The sell-off in WiseTech Global occurred as the Reserve Bank of Australia raised interest rates for the first time in two years, tightening monetary policy in response to sticky inflation. This environment typically pressures growth-oriented technology stocks.
Furthermore, investor sentiment toward the software sector was dampened by worries that artificial intelligence is creating increased competition for software makers, contributing to a broad-based decline in technology shares on the Australian market.
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