FX.co ★ Australian Shares Open Flat

The S&P/ASX 200 commenced trading on Friday, holding steady at approximately 8,827, following the previous day's gains. This stagnation is largely attributed to the downturn in tech stocks, which overshadowed the positive performance in the energy and gold sectors. Technology shares fell by 1.5%, reaching a six-month low due to ongoing apprehensions about inflated valuations in artificial intelligence stocks, influenced by a lackluster performance on Wall Street. Key players such as Xero, Wisetech, and Technology One experienced declines ranging from 1.4% to 2%. Major mining companies also experienced setbacks, with BHP and Rio Tinto slipping by 0.5% and 1.3%, respectively. In contrast, Woodside Energy, an oil and gas producer, saw a 1.6% increase following reports of U.S. LNG exporters securing solid contract volumes despite rising costs. Furthermore, gold miners continued to gain from rising bullion prices, increasing by 0.9%, with Newmont and Northern Star seeing upticks of 2% and 0.7%, respectively. As the week progresses, the benchmark index is poised for a second consecutive weekly decline, partly influenced by the Reserve Bank of Australia's hawkish policy outlook.