- 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
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%.
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.