Australia’s benchmark S&P/ASX 200 index managed a slight gain on Friday despite widespread declines in global technology stocks and a steep selloff in the mining sector.

The index edged up 0.02 percent, or two points, closing at 8795.2 after an afternoon rally but ended the week down 0.13 percent. The broader All Ordinaries index fell 0.13 percent to 8905.8. The Australian dollar also weakened against the U.S. dollar, trading at 70.12 U.S. cents late Friday.

While Wall Street experienced significant losses, particularly in the tech-heavy Nasdaq 100, which fell 2.9 percent in its worst session since June, the ASX avoided a similar level of turmoil. Seven of the 11 sectors on the Australian exchange finished higher, supported primarily by banks and retailers.

The mining sector, often seen as a proxy for artificial intelligence-related trades due to its exposure to copper, experienced a sharp decline of 3.85 percent amid falling copper prices. Major miners were among the biggest losers: BHP dropped 3.64 percent to $55.05, Rio Tinto declined 2.68 percent to $146.27, and Capstone Copper lost 4.12 percent to $11.18.

The selloff in U.S. technology shares followed revelations that major tech companies, often called hyperscalers, plan to spend roughly $825 billion over the coming years on capital expenditures. Analysts suggested that markets may have initially feared excessive spending, but the narrative shifted to concerns that investment growth could be slowing or even lower than expected.

Kyle Rodda, a senior financial market analyst, noted that investors now view the technology giants’ future capital expenditures with caution, questioning whether the pace of investment will maintain previously anticipated levels.

On the Australian market, gains in retail and banking stocks helped offset losses from the mining sector. Wesfarmers rose 3.76 percent to $80.29, JB Hi-Fi increased 2.19 percent to $73.24, and Harvey Norman climbed 3.22 percent to $4.17.

The four major banks enjoyed strong performances, led by Commonwealth Bank, which jumped 4.35 percent to $164. National Australia Bank advanced 3.25 percent to $41.31, Westpac gained 3.11 percent to $36.79, and ANZ added 0.88 percent to $40.04.

Oil futures also saw a rally, with prices climbing to $112 per barrel. The increase followed reports of new drone attacks by Iran-aligned Houthi forces on Saudi Arabian energy infrastructure, raising concerns over supply disruptions from one of the world’s leading oil producers.

Among individual stocks, Zip Co. plunged nearly 30 percent to $1.46 after disclosing a $10.1 million loss linked to a fraud incident in the United States. Conversely, Temple & Webster surged 33.4 percent to $5.43 despite reporting an 8 percent decline in revenue so far this year, indicating strong investor interest despite the company’s top-line challenges.