Australian Tech Stocks Roasted Again

SYDNEY (04/14/2000) - The Australian share market copped another hammering yesterday as investors ditched tech stocks in favor of their financial counterparts.

The All Ordinaries suffered one of its biggest one-day falls this year, losing 48.7 points, or 1.6 percent, plummeting to 3084.7. The ASX200 and 300 indices also suffered similar losses, both falling almost 50 points or 1.6 percent.

The U.S. Nasdaq suffered a similar plunge on Wednesday night, falling 7 percent, or 287 points, to 3771. Local investors are likely to be in for another unprofitable day today, after the tech-heavy Nasdaq fell another 2.5 percent, or 98.85 points, to 3676.78 last night.

Yesterday's falls were led by media giant News Corp, down A$1.10 (US$0.66) to A$20.79, e-commerce security company, SecureNet, down A$1.60 to A$8.30, and Open Telecommunications, down A$1.20 to A$8.87.

Despite announcing a deal on Wednesday with Hong Kong's Pacific Century CyberWorks (PCCW), which was a rarity among technology stocks yesterday, rising 8 percent, Telstra fell A$0.23 to A$7.41, while fellow telcos Cable & Wireless Optus and AAPT were also down by A$0.28 to A$5.86 and A$0.25 to A$9.35, respectively.

The banks were among the few to have a profitable day with the CBA up A$0.70 to A$24.97, and Colonial up A$0.28 to A$8.45.

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More about AAPTCable & WirelessCommonwealth Bank of AustraliaNewsOpen TelecommunicationsOptusPacific Century CyberWorksPCCWSecureNetTelstra Corporation

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