Losing streak extends on ASX

The heaviest falls on the Australian market were in technology stocks, which slumped by almost five per cent.

The benchmark S&P/ASX200 index closed down 123.3 points, or 1.77 per cent, to 6838.3 points.

The All Ordinaries index closed lower by 133.6 points, or 1.84 per cent, to 7114.5 points.

The market has lost 4.7 per cent this week.

The Australian dollar was buying 70.71 US cents at 1619 AEDT, lower from 71.39 US cents at Tuesday's close before the market holiday.