Australian shares fell 0.9 percent on Monday, slipping from a 5-1/2 year high touched in the previous session, after disappointing Chinese trade data hit metals markets and sent resource stocks tumbling. The S&P/ASX 200 index lost 50.8 points to 5,411.5 and had its biggest one-day percentage drop since February 4. The benchmark added 0.3 percent on Friday and 1.1 percent last week.
New Zealand's benchmark NZX 50 index slipped 0.2 percent or 7.8 points to finish the session at 5,117.8. Mt Gibson Iron Ltd lost 5.3 percent and Atlas Iron Ltd plunged 8.5 percent. Fortescue Metals Group Ltd tumbled 10 percent and fellow steel producer Arrium Ltd dropped 7.2 percent.
Index heavyweights Rio Tinto Ltd and BHP Billiton Ltd dropped 4.6 percent and 3.2 percent, respectively. "That was pretty bad data out of the weekend," said Kara Ordway, market maker and trader at City Index, adding that trade would remain cautious over the next couple of sessions in the wake of the disappointing numbers. A few defensive-sector stocks bucked the downdraft. Consumer retail staple Woolworths Ltd added 0.4 percent and bionic ear maker Cochlear Ltd edged 0.1 percent higher.
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