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

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the week with a day in the red. The index is down 0.2% to 6,042 points at the time of writing.

Four shares that have weighed heavily on the market today are listed below. Here’s why they are ending the week in the red:

The Bellamy’s Australia Ltd (ASX: BAL) share price has fallen almost 4% to $15.44 despite there being no news out of the infant formula company. I suspect that a bit of profit taking is going on today after the strong gains it has made over the last few months. This could be an opportunity to buy in at a decent price in my opinion.

The BlueScope Steel Limited (ASX: BSL) share price is down nearly 3% to $14.68. After the market closed yesterday, Commonwealth Bank of Australia (ASX: CBA) revealed that it is no longer a substantial shareholder after selling down its stake. The bank may be of the impression that the steel maker’s strong run is coming to an end.

The Livetiles Ltd (ASX: LVT) share price has tumbled 4% to 56 cents. Like Bellamy’s, I suspect this decline could be down to profit taking. After all, prior to today the fledgling tech company’s shares were up a sizeable 45% in the space of a month. Despite its strong gain, I still think LiveTiles is worthy of a closer look due to its exposure to the massive artificial intelligence market.

The Syrah Resources Ltd (ASX: SYR) share price has plunged 5% to $4.13. With no news out of the company, today’s decline is a little bit of a mystery, especially considering it was given an upgrade yesterday by analysts at Macquarie. The broker upgraded the graphite miner to an outperform rating with a $5.20 price target.

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