Australian shares edge higher despite Wisetech plunge

The local share market has snapped a five-day losing streak, with a rebound by the big banks outweighing a huge drop by the bourse's biggest tech firm and losses in the mining sector.

The benchmark S&P/ASX200 index began Monday down as much as 79.9 points, or 0.9 per cent, but clawed back those losses to finish the day up 12 points, or 0.14 per cent, to 8,308.2.

The broader All Ordinaries gained 10.8 points, or 0.13 per cent, to 8,560.1.

In the technology sector, WiseTech Global plunged 20.1 per cent to a six-month low of $97.25 following more turmoil at the cloud logistics platform.

WiseTech said four of its independent board members were stepping down following "intractable differences" with the ongoing role of founder Richard White.

In currency, the Australian dollar was buying 63.81 US cents, from 63.95 US cents at 5pm AEDT on Friday.