SYDNEY, AAP – The Australian share market has closed lower as expectations of faster interest rate increases soured investor sentiment.

The benchmark S&P/ASX200 index closed down 37.8 points, or 0.5 per cent, to 7490.1 on Wednesday.

The All Ordinaries index lost 44.9 points, or 0.57 per cent, to 7788.3.

Technology shares as well as the heavyweight materials sector were the worst performers in the local market, with industrials and energy stocks also proving to be a drag.

Meanwhile, the Australian dollar was buying 75.72 US cents at 1615 AEST, higher from 75.25 US cents at Tuesday’s close.