Why these 4 ASX shares are ending the week in the red

The Perpetual Limited (ASX:PPT) share price is one of four ending the week in the red. Here's what you need to know…

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Although the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced off its lows, the benchmark index is still down a disappointing 0.3% to 5,742 points in afternoon trade.

Four shares which have acted as a drag on the market are listed below. Here's why they are ending the week in the red:

The Aurizon Holdings Ltd (ASX: AZJ) share price is down over 3% to $5.11. Today's decline is likely to be the result of a broker downgrade out of the equities desk of Macquarie. Analysts at the bank downgraded Aurizon to an underperform rating with a $4.98 price target this morning. I would agree with Macquarie on this one and believe that the rail-based transport company's shares are a little expensive at the moment.

The BlueScope Steel Limited (ASX: BSL) share price has dropped 3% to $13.57 following weakness in Chinese steel markets. According to Metal Bulletin, Chinese Rebar futures in Shanghai fell 4.1% to 3,496 yuan overnight. Despite the drop in BlueScope's shares today, they are still up a massive 45% year-to-date.

The Bubs Australia Ltd (ASX: BUB) share price has tumbled 5% to 28.5 cents. Yesterday the organic food and infant formula company's shares rallied strongly thanks to another positive distribution agreement announcement. I suspect today's decline could be the result of profit taking. Overall, I believe this recent run of positive announcements does make Bubs one to watch,

The Perpetual Limited (ASX: PPT) share price has fallen 4% to $51.93. Today's decline is likely to be attributable to a broker note out of Citi this morning. According to the note, Citi has downgraded Perpetual to a sell rating with a $50.25 price target. The broker appears to have been disappointed that the financial services company reported net fund outflows of $1 billion for the quarter ending June 30.

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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