Why these 4 ASX shares have tumbled lower today

The Kogan.com Ltd (ASX:KGN) share price is one of four tumbling lower today. Here's why…

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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.

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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