Tech shares led the ASX 200 market sectors with a 1.99% uplift over the five trading days.
Meanwhile, the S&P/ASX 200 Index (ASX: XJO) fell 0.24% to close at 8,511.4 points on Friday.
Only three of the 11 market sectors finished the week in the green.
Let's recap.
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Technology shares led the ASX market sectors last week
Growing anticipation that the Reserve Bank of Australia will cut interest rates when the board next meets on 18 February propelled ASX 200 tech shares last week.
Rate cuts are particularly beneficial for technology companies because they tend to carry larger amounts of debt to fund their growth.
Rate cuts can immediately lower costs and simultaneously provide more free cash flow for growth and development.
Last week, the larger ASX 200 tech stocks experienced some substantial share price rises and a few multi-year record highs.
Shares in the sector's largest company, WiseTech Global Ltd (ASX: WTC) rose by 9.01% to close at $129.90 on Friday.
The Nuix Limited (ASX: NXL) share price soared 10.34% to $4.80.
Megaport Ltd (ASX: MP1) shares ripped 9.1% higher to close at $8.99 on Friday.
The Siteminder Ltd (ASX: SDR) share price streaked 9.03% higher to $6.40.
Codan Ltd (ASX: CDA) shares lifted 7.06% to $16.98. The Codan share price reached a four-year high of $17.17 on Friday.
TechnologyOne Ltd (ASX: TNE) shares rose by 4.77% to $32.07. The software company also hit a new all-time record high of $32.31 on Thursday.
Nextdc Ltd (ASX: NXT) shares rose by 5.41% to close at $15.39 on Friday.
The Hansen Technologies Limited (ASX: HSN) share price rose by 4.53% to $5.65.
Objective Corporation Ltd (ASX: OCL) shares lifted 4.13% to $16.89.
The Xero Ltd (ASX: XRO) share price lifted 0.86% to finish the week at $182.51. On Thursday, Xero shares hit a new all-time high of $186.30.
Other ASX 200 tech stocks ended the week in the red.
The Life360 Inc (ASX: 360) share price fell 2.98% to $23.79.
Dicker Data Ltd (ASX: DDR) shares fell 2.68% to $8.35.
Macquarie Technology Group Ltd (ASX: MAQ) shares dropped 2.54% to $81.33.
Iress Ltd (ASX: IRE) shares dipped 0.33% to $9.07.
ASX 200 market sector snapshot
Here's how the 11 market sectors stacked up last week, according to CommSec data.
Over the five trading days:
| S&P/ASX 200 market sector | Change last week |
| Information Technology (ASX: XIJ) | 1.99% |
| Materials (ASX: XMJ) | 1.73% |
| Communications (ASX: XTJ) | 0.6% |
| Financials (ASX: XFJ) | (0.08%) |
| A-REIT (ASX: XPJ) | (0.47%) |
| Consumer Discretionary (ASX: XDJ) | (0.84%) |
| Industrials (ASX: XNJ) | (1.09%) |
| Consumer Staples (ASX: XSJ) | (1.26%) |
| Energy (ASX: XEJ) | (1.54%) |
| Utilities (ASX: XUJ) | (2.13%) |
| Healthcare (ASX: XHJ) | (3.28%) |
