The ASX All Technology Index has bounced back on the stock exchange after a dip at the height of the coronavirus pandemic.
The All Technology Index (XTX) is a stock index comprising the best tech stocks in Australia, which launched in February 2020, less than a month before the market tumbled.
The pandemic hit many markets, but stockbroker Lukas Stergiou said the tech sector escaped with less damage.
“The tech sector has been the most resilient sector on the ASX over the last few months with many tech stocks hitting record highs amidst a pandemic,” Mr Stergiou said.
Tech company share prices have steadily increased for some time, and Mr Stergiou said the resilience XTX seen during the pandemic was likely thanks to larger reliance on technology that enabled people to work, study and socialise from home.
“It’s my view that we were always heading that way, it’s just that COVID-19 has accelerated that move to remote working and increased the demand for the services provided by many of these tech stocks,” Mr Stergiou said.
