@Endless is swimming possibly with sharks so I'm opening another thread (and no - I can't stay on - got stuff to do)
Australia's tech sector is following its heavyweight US counterpart higher, but the local market's concentration in resources and energy is pulling the ASX down overall.
While US tech giants managed to drag New York's major share indices higher, the local market has much less tech exposure and is still overweighed in mining and energy, both of which fell overnight.
Declines across those sectors and the major banks pulled the ASX 200 index 1 per cent lower at 5,816 by 10:38am (AEST).
Resources heavyweights BHP (-2.6pc), Rio Tinto (-1.4pc) and Fortescue (-2.4pc) all weighed on the market.
As did energy stocks, which suffered steep falls: Oil Search (-3.5pc), Beach Energy (-3pc) and Woodside (-2.9pc) were all sharply lower.
The major banks were hit as well on a general risk-off day in Australia: NAB and Westpac were both down around 1.4 per cent, with ANZ down 1.3 per cent and CBA performing better with just a 0.5 per cent slide.
The worst-performing stock on the ASX 200 was Mesoblast — the biotech firm was down 34 per cent to $3.36 after the US Food and Drug Administration ordered an additional trial into one of the company's key treatments that is seeking US approval.
On the up were payments system company EML Payments (5.1pc), and local tech darlings WiseTech Global (+4.6pc), Afterpay (+3.4pc) and Nearmap (+2.2pc).
Did a couple of trades on MSB but felt kinda sick doing so. Feeling for the folks who held out so much promise for the FDA approval but more so for those patients who may have benefited from the treatment.
Picked up some fresh snapper this morning and this will be my dinner tonight. Thought I'd trial it on the DT'ers first for lunch
