ASX opens lower; more pain for Afterpay

Australian shares have opened lower on Friday as technology, fintech, buy now pay later and software stocks sink. The SBHP is down 0.6 per cent to $46.57 and Rio Tinto 1.6 per cent to $109.96. The banks are flat to higher with Commonwealth Bank up 0.3 per cent at the open to $102.39.

City Chic shares fell 3.8 per cent to $4.30 on the retailer's trading update and disclosure of targeted higher inventory levels. Afterpay fell 7.2 per cent to $70.50. Afterpay is a proxy for parent Block, whose shares fell 5.9 per cent to $US136.95 in New York overnight as Wall Street's tech stocks crumbled in the face of rising interest rates.

Michael Hill International is close to flat, up 0.4 per cent to $1.43 after confirming an earlier profit upgrade issued in the final days of December.The Star Entertainment Group said Austrac has expanded the scope of investigation to other entities within the company. Austrac, which notified in June that Star was being investigated, has not yet decided about taking any enforcement action.

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