ASX falls 0.5pc as investors pause tech rally

Australian shares fell on Wednesday for the first time this week as investors responded to a handful of corporate announcements and sold heavily from technology shares after a dismal run on Wall Street.P/ASX 200 fell 0.5 per cent, wiping 37.1 points from the index, which closed at 6992.7 points. The SThe technology sector bore the largest decline among the 11 sharemarket sectors in the SP/ASX200 index to finish 3.

Shares in Block, the US payments giant that acquired Afterpay, fell 6 per cent to $116.58, while Megaport tumbled 4.9 per cent to $8.56 and Computer Share eased 4.8 per cent lower to close at $24.21. Shares in Imugene, a locally listed biotech company, jumped 9.6 per cent to 30¢ after the business announced progress in US clinical trials of a cancer treatment currently under way. The first patient in the third cohort of a phase one trial for the oncolytic virotherapy treatment has received a dose, the company said.

The financial sector, which accounts for roughly a third of the benchmark, was one of few bright spots for the session. The sector firmed 0.5 per cent despite a decline for its largest constituent.

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