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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.

Man who said buy Kogan shares at $3.63 says buy these 3 ASX stocks now

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended LIVETILES FPO. 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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