The S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. At the time of writing, the benchmark index is up slightly to 8,209.2 points.
Four ASX shares that are acting as a drag on the market today are listed below. Here's why they are falling:
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Qantas Airways Limited (ASX: QAN)
The Qantas Airways share price is down a further 2.5% to $6.99. Investors have been selling the airline operator's shares this week. This has been driven by news that Qatar Airways Group intends to acquire a 25% equity stake in Virgin Australia from Bain Capital. Virgin Australia expects the deeper strategic relationship between the two airlines to drive increased competition in Australian aviation. It also notes that this will ensure Australian consumers have access to even better value airfares and greater choice. As part of this investment, Virgin Australia is looking at making a return to the ASX boards in the near future.
Webjet Group (ASX: WJL)
The Webjet Group share price has continued its slide and is down a further 4% to 89.7 cents. This online travel agent's shares have come under pressure this week. Webjet Group was spun out of Web Travel Group Ltd (ASX: WEB) last week following a demerger. It is home to Webjet's consumer businesses. It could be that some shareholders aren't interested in this side of the business and have been selling their shares once they received them. Analysts at Morgans are likely to think that its shares are reasonable value now. Last week, the broker initiated coverage on the company with an add rating and 95 cents price target.
WiseTech Global Ltd (ASX: WTC)
The WiseTech Global share price is down almost 2% to $135.19. This appears to have been driven by broad weakness in the tech sector following a poor night of trade for the Nasdaq index. In other news, this morning Bell Potter retained its hold rating on the logistics solutions platform provider's shares with an improved price target of $132.50. The broker said: "We are very positive on the outlook for WiseTech – as evidenced by our strong revenue and earnings growth forecasts – but believe the stock looks expensive on an FY25 PE ratio and EV/EBITDA of 120x and 67x respectively."
Zip Co Ltd (ASX: ZIP)
The Zip share price is down almost 2% to $2.70. This also appears to have been caused by the tech-focused Nasdaq index's poor performance overnight. In addition, some profit taking could be taking place. After all, the buy now pay later provider's shares are up more than 130% since this time in June.
