The S&P/ASX 200 Index (ASX: XJO) is having an… interesting day so far this Wednesday. At the time of writing, the ASX 200 is down by 0.10% to 7,268 points. After initially plunging this morning just after open, before rebounding into positive territory (if only just), the ASX 200 is back in the red. But even though the ASX 200 only has a toe under the breakeven line right now, one ASX 200 sector is doing far better. That would be ASX tech shares.
While the ASX 200 is down 0.19% so far today, the S&P/ASX All Technology Index (ASX: XTX) is doing far better. The XTX index is currently up a far healthier 1% at 3,003 points so far this Wednesday. As such, we can largely thank this sector for carrying the ASX 200 today, seeing as most of the ASX banks are in the red, and BHP Group Ltd (ASX: BHP) is essentially flat.
So which ASX tech shares are leading the charge?
ASX tech shares lead the ASX 200 into the green
Well, Afterpay Ltd (ASX: APT), the largest tech share in the XTX index by a mile, is in the vanguard. Afterpay shares are currently up a very healthy 2.07% to $117.01 a share at the time of writing. My Fool colleague Mitchell looked at some of what’s going on with Afterpay and some other buy now, pay later (BNPL) shares this morning.
Another large ASX tech stock in the XTX index is the cloud-based accounting software provider Xero Limited (ASX: XRO). Xero is also up by a healthy number today, 2.02% so far at $136.39 a share. That’s despite not much in the way of any news or developments coming out for Xero today.
Appen Ltd (ASX: APX) is another ASX tech winner this Wednesday. This provider of human-annotated datasets is also enjoying a gain in the ‘twos’. It’s up 2.37% to $8.65 at the time of writing.
So why are ASX 200 tech shares enjoying some of the best gains on the market today? Well, it could just be a bounceback from the recent woes we have seen in this sector.
Just yesterday, my Fool colleague Kerry looked at how ASX tech shares were “taking the brunt of this week’s selling”, with most of the above companies taking a beating. As we discussed, this might be linked to the US 10-year Treasury yield. This yield has subsequently pulled back over the past 24 hours or so, which may also be helping to give ASX tech shares some relief.
Whatever the reason behind today’s moves for ASX 200 tech shares, it will be no doubt welcomed by many investors.