The Kogan.com Ltd (ASX: KGN) share price is having a long-awaited positive day.
After reaching another multi-year low this week, the ecommerce company's shares are rebounding strongly on Friday.
At the time of writing, the Kogan share price is up almost 12% to $3.15.
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Why is the Kogan share price storming higher?
The driver of today's gain has been a bit of a mystery. However, it is worth noting that Kogan is not alone in recording strong gains.
In fact, most beaten down ecommerce and tech shares are rising equally strongly at the time of writing. Here's a quick summary of some of the highlights:
- The Life360 Inc (ASX: 360) share price is up 15%.
- The Redbubble Ltd (ASX: RBL) share price has jumped 8%.
- The Temple & Webster Group Ltd (ASX: TPW) share price is up 9%.
- The Zip Co Ltd (ASX: ZIP) share price has stormed 13% higher.
This has led to the S&P ASX All Technology index rising 4.5% this afternoon, which is significantly better than the ASX 200 index and its 0.4% gain.
It appears as though investors believe that the tech sector has been oversold and has created a buying opportunity.
Time will tell if the sector has bottomed or if this is a dead cat bounce.
