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Australian shares frittered away early gains to fall 0.6 percent on Friday, striking their lowest close in 1-1/2 weeks as the key resources sector was hit by concerns that top trading partner China would tighten policy to choke off inflation fuelling excessive demand. The benchmark fell nearly 1 percent for the week, marking its third weekly fall in four.
Global markets were pushed lower on fears China would act again to tighten monetary policy, after fourth-quarter gross domestic product soared past forecasts, rising 9.9 percent.
Mining heavyweights BHP Billiton and Rio Tinto were both hit hard in the sell off, BHP losing 1 percent to A$44.71, while Rio dropped 1.4 percent A$84.38. The benchmark S&P/ASX 200 index dipped 27.98 points to 4,755.70, according to last available data. It fell 1 percent on Thursday. New Zealand's benchmark NZX 50 index gained 0.4 percent to 3,352.7 points.

Copyright Reuters, 2011

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