"Tech companies in Australia trade on a very solid price-to-earnings ratio, so even a small miss would give the stock a good knock-around, and that would appear to be happening with Altium," James McGlew, executive director of corporate stockbroking at Argonaut said.
The uncertainty regarding the exact impact of coronavirus just means that the high P/E stocks will look fragile, Mr McGlew added. Coles Group fell up to 1.5 per cent after the country's second-biggest grocery chain posted near-flat half-year earnings.
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