Shares in Kogan.com Ltd (ASX: KGN) are tracking lower today and now trade 3.45% in the red at $5.60.
Trading has been thin for Kogan shares today and the order book is stacked towards sell orders, per Bloomberg trade data. The company's share price slumped from the open and has been bottom heavy since.
Image source: Getty Images
What's up with Kogan shares?
Kogan had shown signs of life these past few weeks with a short-lived rally to roll into the new month. Gains extended after the federal budget, but have since pared and quietened down again.
However, most of the upside is underscored by strengths in the wider tech sector. The S&P/ASX All Technology Index (ASX: XTX) has climbed 7% this past month after coming off a hot period.
It is still yet to overcome a 16% loss incurred so far in 2022, despite the revival.
The tech sector is down today as the market re-evaluates a number of macroeconomic crosscurrents that are feeding into investment returns.
Nevertheless, tech shares have softened and there's been a wind-down of exposure to frothy sectors like commodities and healthcare in the last week or so.
Today, tech is the worst-performing sector on the ASX by far with the XTX sliding more than 2% in the red, whilst all other sectors have capped losses at less than 1%.
In the last 12 months Kogan shares have collapsed more than 57% into the red and are down 36% this year to date.
