The S&P/ASX 200 Index (ASX: XJO) closed 0.5% higher at the end of last week, and the upward momentum has continued this week too. At the time of writing on Tuesday morning, the index is another 0.47% higher for the day, and now 2.89% higher for the year-to-date.
Earnings season has taken its toll on some sectors of the market, while defensive stocks continued to outperform.
New data from CommSec reveals the Australian shares that were most traded by its clients last week, and the results might be surprising.
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5 most traded ASX shares
Droneshield Ltd (ASX: DRO) shares have been a firm favourite among its clients for several weeks now. But last week sentiment shifted and CSL Ltd (ASX: CSL) shares became the star of the show.
The biotech company's shares crashed nearly 17% over the course of the week after the company released a soft half-year result and announced a shock CEO exit.
Analysts have been positive on CSL shares for some time, with many tipping an extraordinary comeback this year. And it looks like, after a brutal sell-off, many investors saw a buying opportunity. The stock was the most traded among the bank's clients last week, and 79% of activity was buying.
The share price has failed to rebound just yet, with an increase just under 1% this week so far.
Commonwealth Bank of Australia (ASX: CBA) shares were the second most-traded, but most of the activity (78%) was investors selling up their stock. This is most likely investors taking profits after the shares jumped 10% following the bank's surprisingly strong half-year results announcement.
WiseTech Global Ltd (ASX: WTC) shares were the third most traded, with most activity (80%) being from buyers after the shares dropped over 13% throughout the week amid a broad pullback in the tech sector.
While Droneshield shares weren't a priority last week, they were still on investors' minds. The shares came in fourth place, mostly down to buying activity.
Electro Optic Systems Holdings Ltd (ASX: EOS) shares were the fifth most traded ASX share among Commsec's clients last week. The shares are significantly lower than their all-time high in January thanks to a few headwinds, but analysts are still bullish about their outlook this year.
What other ASX shares were investors interested in?
CommSec clients were also interested in buying AMP Ltd (ASX: AMP), Pro Medics Ltd (ASX: PME) and Xero Ltd (ASX: XRO) shares last week.
There was also a lot of selling activity around ANZ Group Holdings Ltd (ASX: ANZ) and BHP Group Ltd (ASX: BHP) shares throughout the week.
