These 3 ASX 200 tech shares are down more than 4% this week

Many ASX tech shares have had a rough time since Monday.

| More on:
share price plummeting down

Image source: Getty Images

It’s been a tough week on the exchange for these S&P/ASX 200 Index (ASX: XJO) tech shares. They’ve each seen their share price fall by 4% or more without uttering a single word.

In fact, many ASX tech shares have had a rough time since Monday. The S&P/ASX All Technology Index (ASX: XTX) has dropped 1.54% this week.

Let’s take a look at what’s been weighing on these 3 ASX tech giants’ share prices.

3 ASX 200 tech shares that have fallen this week

Afterpay Ltd (ASX: APT)

This week’s been a shocking ride so far for the Afterpay share price.

Right now, the ASX 200 tech giant’s shares are 10.92% lower than they were when they started the week, trading for $104.38 a piece.

Afterpay’s woes kicked off on Wednesday when both Apple Inc and Paypal Holdings Ltd released news on buy now, pay later (BNPL) offerings.

Apple’s news was of a brand-new product that it’s planning on launching that would allow Apple Pay users to pay for purchases in instalments.

The US-based tech giant is reportedly partnering with Goldman Sachs, which will provide loans for the service.

Additionally, on Wednesday Paypal announced it had launched its fee-free BNPL service in Australia.

The barrage of new competition saw the Afterpay share price slide 9.74% on Wednesday. The ASX 200 BNPL giant’s shares have continued falling since.

Zip Co Ltd (ASX: Z1P)

Zip didn’t escape the BNPL onslaught on Wednesday. In fact, the Zip share price was hit hardest.

It fell 11.35% on Wednesday and has been in the red ever since.

Right now, the ASX 200 BNPL company’s shares are swapping hands for $6.91 – 16.55% less than they were at last Friday’s close.

Tyro Payments Ltd (ASX: TYR)

Finally, the share price of ASX 200 tech share Tyro Payments has had a shocking week.

Despite seemingly missing the above-mentioned carnage, its shares have fallen 4.11% over the course of the week to trade for $3.50 apiece.

Additionally, the company hasn’t released any obvious bad news. In fact, the only uttering we’ve heard from Tyro this week was its latest weekly results, which seemed positive enough.

Unfortunately, that’s just how the cookie sometimes crumbles for ASX shares.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of January 12th 2022

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. 

The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, Apple, PayPal Holdings, Tyro Payments, and ZIPCOLTD FPO. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended the following options: long January 2022 $75 calls on PayPal Holdings, long March 2023 $120 calls on Apple, and short March 2023 $130 calls on Apple. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia has recommended Apple and PayPal Holdings. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Technology Shares

A woman with strawberry blonde hair has a huge smile on her face and fist pumps the air having seen good news on her phone.
Technology Shares

Why has the Pointerra share price rocketed 50% in less than a week?

This tech share is on fire right now...

Read more »

A girl wearing a homemade rocket launches through the stars.
Technology Shares

Why is the BrainChip share price rocketing 15% higher today?

BrainChip shares are racing higher on Monday morning...

Read more »

jump in asx share price represented by man jumping in the air in celebration
Technology Shares

Codan share price jumps 10% amid guidance for ‘record’ FY22 profit

Codan shares are starting the week strongly...

Read more »

A young female ASX investor sits at her desk with her fists raised in excitement as she reads about rising ASX share prices on her laptop.
Technology Shares

If you’d invested $10,000 in Appen shares 7 years ago, lucky you! Here’s what you’d have now

Back in 2015, the Appen share price was trading below the $1 mark.

Read more »

Rising rocket with dollar signs.
Technology Shares

Novonix up 15% on Friday as the market recovers

Novonix appears to be joining in on today's market recovery.

Read more »

A man leaps from a stack of gold coins to the next, each one higher than the last.
Technology Shares

Why is the Block share price leaping 9% on Friday?

Block shares are storming ahead on a good day for the ASX tech sector.

Read more »

Young businessman standing on the top of the mountain punching fist in the air.
Technology Shares

Here’s why the Life360 share price has done a 180 today

Is this driving the software developer's stock higher on Friday?

Read more »

A businessman hugs his computer.
Technology Shares

3 reasons to own Altium shares for the long term

Altium is a quality business and could be worth hanging onto for some time to come.

Read more »