SYDNEY, AAP – Technology stocks are back in favour on the ASX but the trend has come at a cost to the market indices.

Investors sold shares in most industry groups on Wednesday and pushed up technology shares by 1.1 per cent.

Market heavyweight CSL lost 2.09 per cent to $294.25 and the big four banks shed more than one per cent.

Investors were chasing better yield from technology shares after bond yields eased in recent days.

The benchmark S&P/ASX200 index closed lower by 43.7 points, or 0.6 per cent, to 7298.5.

The All Ordinaries closed down by 40.6 points, or 0.53 per cent, to 7552.1.

The Australian dollar was buying 75.40 US cents at 1623 AEST, higher from 75.16 US cents at Tuesday’s close.