In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) looks set to start the week with a small decline. At the time of writing, the benchmark index is down 0.1% to 7,141.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Appen Ltd (ASX: APX)
The Appen share price is down 3.5% to $2.41. Investors have been selling Appen and many other ASX tech shares on Monday following a poor night for the Nasdaq index on Friday. Investors were selling tech shares amid global recession concerns.
Arafura Rare Earths Ltd (ASX: ARU)
The Arafura share price is down over 6% to 48.2 cents. This appears to have been driven by profit taking after some stellar gains in recent sessions. For example, even after today's decline, the rare earths explorer's shares are up a sizeable 24% since 8 December. They are now also up 110% since the start of the year.
Aurizon Holdings Ltd (ASX: AZJ)
The Aurizon share price is down 2.5% to $3.78. The catalyst for this is likely to have been a broker note out of Morgans this morning. According to the note, the broker has downgraded the rail freight operator's shares to a hold rating and cut the price target on them to $4.00. Morgans was a touch disappointed with the price Aurizon received for the East Coal Rail business.
Star Entertainment Group Ltd (ASX: SGR)
The Star share price is down 11% to $2.29. Investors have been selling this casino operator's shares amid concerns over potential reforms to the New South Wales casino tax regime. New South Wales Treasurer, The Honourable Matt Kean MP, is proposing gaming tax increases for the two casinos in New South Wales. These are anticipated to commence on 1 July 2023 and forecast to raise an additional $364 million in taxes over the next three years.
