Banks lift ASX 200 to 8843 as tech rout spreads from Wall Street
The ASX 200 rose as bank stocks climbed, but tech shares fell in a global sell-off.
The Australian sharemarket opened higher on Monday, driven by financial stocks. The ASX 200 gained 36.8 points to 8843.
Commonwealth Bank rose 1 per cent, National Australia Bank added 0.9 per cent, Westpac climbed 1.2 per cent and ANZ Bank advanced 1.3 per cent. Technology stocks fell sharply after global losses.
The S&P 500 fell roughly 2 per cent for the week and Nasdaq sank 2.1 per cent. Chip makers took heavy losses: Broadcom lost almost 4 per cent, Intel gave up 5.8 per cent and Advanced Micro Devices dropped about 6 per cent.
Mining stocks weakened with BHP down 0.4 per cent and Rio Tinto shedding 1.4 per cent. Energy shares were mixed as oil eased, with Woodside Energy up 1.4 per cent and Santos up 2.1 per cent.
- 36.8 points to 8843
- ASX 200 gain
- 2 per cent
- S&P 500 weekly fall
- 1.2 per cent
- Westpac rise
- 5.8 per cent
- Intel fall
Why it mattersThe shift shows investors are moving money out of expensive tech stocks and into more stable banks and energy firms, a sign of growing caution about the AI spending boom.
AustraliaAustralian investors holding bank shares gained on the day, while those with tech-heavy portfolios lost ground alongside global peers.
✓ Claims checked against the source and corrected before publish. checked 2 h ago
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