The benchmark S&P/ASX 200 index was down 104.2 points to 7,101.4 at noon on Monday, a loss of 1.45 per cent. The broader All Ordinaries index was down 127 points to 7,340.6, a loss of 1.7 per cent.
Every sector except healthcare was in the red and tech again was the biggest loser, falling 3.5 per cent to hit its lowest level since June 2020. Rising interest rates have hammered high-growth companies especially hard.
Xero was down 3.1 to a near two-year low of $83.90. Wisetech Global had fallen 3.8 per cent to a nine-month low of $39.79.
Airtasker, Booktopia, Tyro Payments, Betmakers Technology, EML Payments, Whispir, Redbubble, Domain, Humm, Netwealth, Nuix and Kogan.com were among the tech or tech-focused names dropping to new 52-week or all-time lows on Monday morning, along with Inghams, Nine Entertainment, Star Entertainment Harvey Norman, James Hardie and Aristocrat Leisure.
Westpac was having a good day, however, rising 2.4 to $24.41 despite announcing a 12 per cent drop in first half cash earnings to $3.1 billion.
Chief executive Peter King said Australia's oldest company was "managing through the low-rate environment and making the changes required to become a simpler, stronger bank".
CSL was also up, by 1.4 per cent to $271.77.
The other three big banks were down, with ANZ dropping 3.4 per cent to $25.86 and NAB and CBA falling more modestly.
In the heavyweight mining sector, Fortescue Metals had fallen 5.9 per cent to a five-week low of $19.60.
BHP was down 1.6 per cent to $46.05 and Rio Tinto had dropped 3.2 per cent to $105.82.
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