ASX ends flat as tech shares slump and banks climb
Banks rose 1.89% and tech fell 4.37%, so the ASX 200 closed up just 0.008%.
An Asian chip selloff spread south and the ASX 200 fell as much as 0.51% during the day. South Korea's Kospi share index fell about 7%, briefly triggering a halt to computer-run trading.
Samsung and SK Hynix both fell more than 8% as investors reacted to a reported Chinese memory-chip breakthrough. Tech was the worst sector, down 4.37%, while materials dropped 2.03%.
Lithium miners also fell, and spodumene, a lithium ore, dropped more than 12%. Banks rose 1.89% as investors bought CBA and Westpac shares.
Reserve Bank minutes confirmed its board is increasingly worried inflation is not just an imported oil problem. Even with those falls, the ASX 200 still closed 0.008% higher.
National Australia Bank's business confidence fell to -13, in the bottom 5% of readings in the survey's history.
- +0.008%
- ASX 200 close
- -4.37%
- Tech sector fall
- +1.89%
- Banks rise
- -13
- NAB business confidence
Why it mattersA drop in overseas chip stocks can hit Australian share prices the same day, which matters for super and investments.
AustraliaSuper funds and share portfolios moved with banks and tech, and business confidence fell to -13.
✓ Claims checked against the source. checked 7 h ago
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