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ASX 200, Australia's Stock Market Continues to Correct

3/27/2023 12:37 PM

Quotes of the ASX 200 index are showing corrective dynamics, trading near 6963.0.

Investors are watching the situation around the American technology company Block Inc., which is listed on the stock exchange in Australia. The fall in the issuer's shares began on Friday, after the analytical company Hindenburg Research LLC announced the concealment of real data in the Block Inc. reports. Overestimating the number of active users and underestimating the cost of attracting customers, which led to misleading investors, are mentioned. Amid a possible lawsuit against the company, its shares fell 20.0% on the stock exchange in Australia and 15.0% in the US.

The downward correction in the Australian bond market turned into a full-fledged trend. 10-year Treasuries are trading at 3.200%, well below 3.900% at the beginning of the month, the yield of 20-year ones fell from 4.234% to 3.681%, and the yield of 30-year bonds is now 3.759% after 4.234% recorded in the first week of March.

The growth leaders in the index are NRW Holdings Ltd. (+4.76%), Nanosonics Ltd. (+3.21%), Zip Co. Ltd. (+3.74%), AGL Energy Ltd. (+3.36%).

Among the leaders of the decline are Woodside Energy Ltd. (-3.07%), Pilbara Minerals Ltd. (-3.37%), Beach Energy Ltd. (-2.64%), EML Payments Ltd. (-3.37%).

On the daily chart, the price is held below the support line of the rising corridor around 7000.0.

Technical indicators keep a stable sell signal: fast EMAs of the Alligator indicator are at a considerable distance from the signal line and are in no hurry to start convergence, while the AO histogram forms corrective bars, being deep in the sell zone.

Support levels: 6890.0, 6700.0. | Resistance levels: 7030.0, 7200.0.

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