In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record its first decline of the year. At the time of writing, the benchmark index is down 0.25% to 7,571.7 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Afterpay Ltd (ASX: APT)
The Afterpay share price is down 4.5% to $80.08. Investors have been selling this buy now pay later provider's shares following another decline in the Block share price overnight. This appears to have been driven by weakness in the tech and buy now pay later sectors. For example, the Affirm share price sank 10% on Tuesday night.
Kogan.com Ltd (ASX: KGN)
The Kogan share price is down a further 4% to $8.27. This ecommerce company is one of a number of tech shares recording heavy declines on Wednesday following a poor night on the tech-focused Nasdaq index. This has led to the S&P/ASX All Technology index falling 2.35% on Wednesday.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price is down 4.5% to $29.26. A good portion of this decline has been driven by the retail conglomerate's shares trading ex-dividend this morning. Eligible shareholders of the Peter Alexander and Smiggle operator can now look forward to receiving its fully franked 46 cents per share final dividend on 27 January.
Pro Medicus Limited (ASX: PME)
The Pro Medicus share price is down 7.5% to $58.27. This morning the team at Morgans downgraded the health imaging company's shares to a reduce rating on valuation grounds. Its analysts suggest that investors sit tight and wait for buying opportunities around the $50 mark. Morgans remains positive on the future, though. It believes the company's long-term thematic and earnings visibility remain strong.
