SYDNEY, AAP – Technology and energy stocks have been routed as the Australian share market had its biggest fall since February.
Technology shares lost 4.18 per cent and energy shares shed 2.71 per cent after US markets closed lower due to inflation fears.
The benchmark S&P/ASX200 index closed lower by 75.8 points, or 1.06 per cent, to 7097 on Tuesday.
The All Ordinaries closed down 88.2 points, or 1.19 per cent, to 7331.6 points.
Investors believe the economy’s recovery from the pandemic will lead to inflation and rate rises.
Higher rates do not bode well for technology providers, which often rely on cheap borrowing.
The Australian dollar was buying 78.32 US cents at 1617 AEST, lower from 78.61 US cents at Monday’s close.