This Friday has been a pretty depressing one for most ASX 200 shares. With the S&P/ASX 200 Index (ASX: XJO) recording a 1.25% loss for the day, it was always going to be a tough one.
But some ASX 200 shares fared far worse than the index today. So let’s talk about three such companies that hit a new 52-week low during today’s trading session.
All three are in the real estate business, so that should tell you something about what the market is trying to get out of right now.
3 ASX 200 shares that hit new 52-week lows today
Our first unlucky share to check out today is Dexus Property Group (ASX: DXS). Dexus owns a number of real estate assets, of which most are commercial property.
This ASX real estate investment trust (REIT) slipped 3.84% to $9.51 a unit by the end of the day’s trading. That happens to be Dexus’ new 52-week low. This REIT is now down by more than 15.5% over 2022 thus far.
But Dexus wasn’t the only REIT exploring new territory today. Diversified property developer Mirvac Group (ASX: MGR), another ASX REIT, also had a shocker.
Mirvac owns both industrial and commercial office real estate. This company’s units ended up finishing at $2.06 each at the end of today’s trading, down 1.44%. But the REIT hit a new low of $2.04 earlier today. That puts Mirvac down by a painful 31% or so over 2022 thus far.
Another ASX REIT in the doldrums today is GPT Group (ASX: GPT), a shopping centre and diversified property company. GPT units also had a day to forget. It finished up at $4.32 a unit, down a hefty 4.42%. But GPT hit a new 52-week low of $4.32 earlier in today’s session.
Why the battering?
It’s very possible that this distaste for ASX REITs that investors are displaying today is a result of the interest rate rise we saw earlier this week.
There are few ASX shares that are affected more by rising interest rates than REITs. That is because, as leveraged land owners, REITs face higher borrowing costs directly, just as mortgage holders do.
No doubt ASX REIT investors will be hoping for a kinder week next week.