ASX closed red; Touch Ventures soared on ASX debut; Qantas shares fell on ACCC report

The ASX200 closed 1.08% lower at 7196.70 points on Wednesday.

Touch Ventures soared 26% on its ASX debut following a $100m IPO.

Qantas fell on ACCC report into airline industry including capacity decline.

The Australian market extended its red run into the midweek session, closing 1.08% lower at 7196.70 as tech stocks led losses on the ASX.

The tech stock tumble was the result of Tyro Payments plummeting 5.83%, Codan falling 5.08% and Nearmap closing the session 5.04% lower.

Bitcoin is trading 0.03% higher over the last 24-hours at US$42,210.88 at 4:45pm AEST.

Afterpay-backed investment holding company Touch Ventures soared on its ASX debut today. Following an IPO at 40c/share raising $100 million, Touch Ventures skyrocketed 26.25% to close its debut session at 51c/share. Touch Ventures invests in startups in both Australia and Internationally during their growth stage.

Making headlines, Qantas shares took a hit today after the ACCC released a report on competition in the airline sector. The watchdog found that one-third of all domestic flights were cancelled in July, and that Australian domestic capacity fell to just 23% of normal capacity in July, with expectations of even steeper declines for August and September.

And Amazon announced a line of new products at its launch event yesterday including a smart thermostat, a new Echo and a speaker/video device called Glow that is designed for kids to video-chat with anyone using Alexa enabled devices.