How did ASX 200 tech shares perform on the market today?

ASX technology shares had a better day on the market on Monday.

| More on:
a woman wearing a close-sitting hat featuring wires and thick computer screen glasses clutches her computer monitor and looks shocked and disturbed as she reads old-fashioned computer text from the screen.

Image source: Getty Images

Key points

  • ASX 200 tech shares finished the day in the green on Monday
  • Afterpay closed slightly in the red after recovering from a steep fall earlier in the day
  • Technology shares followed the performance of the tech shares on US markets

ASX 200 tech shares finished in the green today after their NASDAQ counterparts rebounded at the end of last week.

The S&P/ASX All Technology Index (ASX: XTX) closed up 0.68% today, while the S&P/ASX 200 Info Tech (ASX:XIJ) index finished 0.75% higher.

Let’s take a look at what happened to ASX 200 tech shares today.

Why are tech shares in the green?

ASX tech shares seemed to be following in the footsteps of the tech rally in the United States on Friday.

The NASDAQ-100 Technology Sector Index (NASDAQ: NDXT) finished up 1.41% on Friday night in the US. This often sets the pace for Australian tech shares, as my Foolish colleague James noted this morning.

The Megaport (ASX: MP1) share price closed 1.15% higher, trading at $18.41. Meanwhile, software provider TechnologyOne (ASX: TNE) also had a good day, up 2.06%.

Artificial Intelligence data provider Appen Ltd (ASX: APX) jumped 0.2% while Xero Limited (ASX: XRO) rose 0.43%. Altium Limited (ASX: ALU) gained 1.54% while telecommunications provider Chorus Limited (ASX: CNU) closed the session 1.23% higher.

One ASX 200 tech company that had a roller-coaster day is Afterpay Ltd (ASX: APT). The buy now, pay later company’s shares closed slightly lower, down 0.84% to $68.45.

However, earlier this morning, Afterpay shares dropped 2.79% from Friday’s close to an intraday low of $67.10. This may be because Block Inc (NYSE: SQ) also fell 2.67% on Wall Street on Friday night. Afterpay will trade on the ASX for the final time on 19 January pending its takeover by Block.

Today’s gains for ASX 200 tech shares follow a sell-off on Friday when the All Technology Index dropped 2.56%. Meanwhile, the S&P/ASX 200 Info Tech Index fell 3.94% on the final day of last week.

Should you invest $1,000 in ASX200 tech shares right now?

Before you consider ASX200 tech shares , you'll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and ASX200 tech shares wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of January 13th 2022

The Motley Fool contributor Monica O'Shea has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Afterpay Limited, Altium, Appen Ltd, Block, Inc., and MEGAPORT FPO. The Motley Fool Australia owns and has recommended Afterpay Limited and Appen Ltd. The Motley Fool Australia has recommended MEGAPORT FPO. 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 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 »

a man sits in casual clothes in front of a computer amid graphic images of data superimposed on the image, as though he is engaged in IT or hacking activities.
Technology Shares

2 ASX tech shares I would buy after the heavy sell-off

Here are two ASX tech shares that have taken a battering this year but I think could be compelling ideas.

Read more »

A man in a business suit plunges down a big square hole lit up in blue.
Technology Shares

The BrainChip share price just plunged 8%, what happened?

BrainChip shares were down 8% at one point today. What on earth is going on?

Read more »

two computer geeks sit across from each other with their laptop computers touching as they look confused and confounded by what they are seeing on their screens.
Technology Shares

What’s happening with ASX 200 tech shares today?

Growth shares are more sensitive to interest rate hikes as they're often priced with distant future earnings in mind.

Read more »

A woman looks quizzical while looking at a dollar sign in the air.
Technology Shares

This ASX 200 tech share has $380 million in cash and no debt but has fallen 32% this year. Is it a bargain?

Here's what experts are predicting for WiseTech stock.

Read more »

businessman takes off with rockets under feet
Technology Shares

Here’s why the Reckon share price is booming 50% on Thursday

Following the sale of its Accountants Practice Management Group, the ASX software company will focus on its most profitable divisions.

Read more »

a headshot of james gerrish in an office setting.
Technology Shares

Why this ASX 200 share is my biggest personal holding: fund manager

In a rare insight, a prominent stock expert just revealed the largest holding of his own personal portfolio.

Read more »

Share Gainers

Why did the Dubber share price push 18% higher today?

Dubber shares have bounced from yearly lows.

Read more »