Australian stocks slide

Australian stocks retreated further in afternoon trade on Monday after profit-taking and as jitters over global security fears dragged down banks and resource majors.
Companies such as telecoms giant Telstra going ex-dividend also compounded losses, although there were some bright spots, including a strong earnings outlook for biotechnology group Peptech
Mirroring declines throughout Asia after Taiwan's razor-thin presidential election win, the benchmark S&P/ASX 200 index ended down 33.1 points, or 0.96 percent, to 3402.2.
The market touched a two-year high of 3,456.1 last week. Overall turnover was average at A$2.1 billion ($1.6 billion).
"The negative lead from Wall St has been the catalyst for a bout of profit-taking," Nomura Securities equities strategist Eric Betts said.
"The tension in Taiwan is not helping things much. There is little domestic news so we will probably take our cue from overseas in the short term."
Westpac led the big banks lower, falling 2.1 percent to A$17.62 as some brokerages lowered recommendations on several banks following big stock-market gains this year. National Australia Bank, still dogged by a forex trading scandal and media reports of problems within its board, lost 1.0 percent to A$31.47.
Feeling the pinch from global sentiment, miner BHP Billiton sank 2.3 percent to A$12.21 and Rio Tinto fell 1.5 percent to A$34.41.
"There is an anticipation that the major markets at the start of the week are probably going to open weaker again," said Jamie Spiteri, a senior dealer at Shaw Stock-brooking.
Telecoms giant Telstra also weighed on the market, falling 3.3 percent to A$4.66 after its shares went ex-dividend, while Rupert Murdoch's News Corp retreated 1.1 percent to A$11.72.
Bucking the declines, Peptech leapt 14.2 percent to A$1.69 after tipping strong profits this year.
Steel group Smorgon Steel jumped 5.0 percent to A$1.05 after Citigroup raised its recommendation on the stock to a "buy".
Drug and diagnostics company Mayne Group rose 2.1 percent to A$3.47 after it bought back 14 percent of its issued capital off market at A$3.55 and said any further buybacks would be carried out on market.