New ASX tech index to be launched Friday

InvestSMART’s Evan Lucas says the new ASX tech index being launched on Friday is “exciting” and “significant” despite “being a bumpy ride to start off”. “Looking at it longer term, it is exciting,” Mr Lucas told Sky News. “If you look at something like biomedical technology stocks, they are screaming at places to find funding and most of them end up in the US, and the issue there is the cost of doing business there is about 10 times more expensive. “And that is what they see this as, an exciting spot to be." The index will feature the WAAAX stocks (WiseTech, Afterpay, Appen, Altium and Xero). Image: Getty

from National | Daily Telegraph https://ift.tt/37P8y3v