Key points
- Buy now, pay later shares took a beating on the ASX today
- The Zip share price fell 9.66%, while Block sunk 5.35%
- The All Technology Index also descended overall
Buy now, pay later (BNPL) shares had a shocking day on the market today but they are not alone.
Leading the pack is the Zip Co Ltd (ASX: Z1P) share price, diving 9.66%. For perspective, the S&P/ASX 200 Index (ASX: XJO) also fell 1.77% today, while the S&P/ASX All Technology Index (ASX: XTX) slumped 5.05%
Let's take a look at what happened to BNPL shares today.
Tech sector weakness hurts BNPL shares
The Block Inc CDI (ASX: SQ2) share price gravitated 5.35% while Openpay Group Ltd (ASX: OPY) shares cascaded 8.33%.
Meanwhile, Sezzle (ASX: SZL) shares tumbled 8.09% and Humm Group Ltd (ASX: HUM) shares plunged 2.48%.
Today's fall came amid an overall weakness in the technology sector in Australia.
Among the ASX tech share fallers was Xero Limited (ASX: XRO), down 6.69%.
Meanwhile, Wisetech Global Ltd (ASX: WTC) plunged 9.85% and NextDC Ltd (ASX: NXT) sunk 1.85%. Additionally, Megaport Ltd (ASX: MP1) dropped a mammoth 9.46%.
Block's ASX shares dropped slightly more than the company's US listing. The Block Inc (NYSE: SQ) share price fell 3.71% overnight in the United States.
Paypal Holdings (NASDAQ: PYPL) fell 0.77%. However, the Nasdaq-100 Index (NASDAQ: NDX) gained 0.17%.
The broader ASX index moved closer towards 'a correction' on Thursday, as my Foolish colleague Bernd noted.
Correction broadly refers to any pullback of more than 10% and the index is down more than 8% since the market close on 31 December.
