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Why these 4 ASX shares have tumbled lower today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a very disappointing day of trade. At the time of writing the benchmark index is down 0.45% to 6,282.3 points.

Four shares that have fallen more than most today are listed below. Here’s why they are tumbling lower:

The Afterpay Touch Group Ltd (ASX: APT) share price is down 2.5% to $17.24 despite there being no news out of the fintech company. I suspect that this decline is likely to be attributable to profit taking from some investors after a stellar share price rally last month. While I think that Afterpay Touch is a great long-term investment option, it may be prudent to take a little profit off the table if you’re sitting on some major gains.

The EML Payments Ltd (ASX: EML) share price has fallen 4.5% to $1.69. Like Afterpay Touch, this payment solutions company’s shares have been on fire over the last six months and risen a sizeable 31%. This could mean that some investors are taking a bit of profit off the table as well today. News that US-giant Paypal is entering the Australian gift card market could also be weighing on its shares today.

The Kogan.com Ltd (ASX: KGN) share price has tumbled almost 8% to $6.49 after founder Ruslan Kogan and chief financial officer David Shafer sold another block of shares. According to the release, a total of 6.25 million shares were sold for a consideration of approximately $40 million, valuing them at around $6.40 each. Neither director intends to make any further share sales before the release of its half year results next year.

The Whitehaven Coal Ltd (ASX: WHC) share price is down 8.5% to $4.69. The majority of the coal miner’s decline today can be attributed to its shares going ex-dividend this morning for its final 27 cents per share dividend. Eligible shareholders can now look forward to receiving this dividend in their nominated accounts on September 13.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO and Emerchants Limited. The Motley Fool Australia has recommended Kogan.com ltd. 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 Scott Phillips.

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