Why these 4 ASX shares started the week in the red

The Westpac Banking Corp (ASX:WBC) share price is one of four starting the week in the red…

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In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its early gains and is down a touch under 0.2% to 5,950 points.

Four shares which have fallen more than most today are listed below. Here's why they have started the week in the red:

The Mcgrath Ltd (ASX: MEA) share price has sunk 13% to 53 cents after the real estate company warned that a softening property market meant that it would not meet the market's earnings expectations in FY 2018. The estate agent expects annual EBITDA to come in between 20% and 25% lower than leading broker Bell Potter's $16.6 million estimate.

The MSM Corporation International Ltd (ASX: MSM) share price has fallen 7.5% to 18.5 cents. The digital technology and media entertainment company's shares have now lost over 36% of their value since this time last month. Today's decline comes despite the company advising that its engagement levels are 400% higher than the industry average.

The Orica Ltd (ASX: ORI) share price has tumbled 9% to $19.39 following the release of a weak full-year result. The explosives company reported a 0.7% decline in profit after tax before individually material items down to $386.2 million. Furthermore, Orica's guidance for the year ahead was a touch soft. I would suggest investors stay clear of its shares despite this large decline.

The Westpac Banking Corp (ASX: WBC) share price is down almost 2.5% to $32.50 following the release of its full-year results. Although Westpac reported a 3% increase in full-year profit to $8,062 million, it ultimately fell short of market expectations. A $118 million provision for refunds and other payments to customers played a key role in the miss. While its shares are looking to be better value now, I would hold off until they are between $30 and $31.

Motley Fool contributor James Mickleboro owns shares of Westpac Banking. 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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