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Australian shares fell 1.5 percent on Monday as lower metal prices and caution ahead of domestic economic data due later this week prompted profit-taking after strong rallies in riskier assets early this year. The Australian market has gained around 8 percent so far this year and hit a 4-1/2 year high last Thursday before pulling back on fresh concerns over sluggish growth in China and the impact of budget spending cuts in the United States.
Analysts said investors would also cautiously await the Reserve Bank of Australia's rate decision on Tuesday and a string of domestic economic data due later this week, including fourth-quarter GDP data on Wednesday and January trade data on Thursday. The benchmark S&P/ASX 200 index lost 75.6 points to 5,010.5, according to the latest data. Adding to the selling pressure, some blue-chip stocks such as global miner BHP Billiton went ex-dividend.
BHP dropped 3.5 percent. Steelmaker and iron ore miner Arrium Ltd, also ex-dividend, tumbled 7.2 percent, its biggest one-day percentage loss in four months. Rio Tinto slid 3.7 percent. Financials also fell, with the country's biggest lender, Commonwealth Bank of Australia Ltd, shedding 1.1 percent.. New Zealand's benchmark NZX 50 index fell 1.5 percent to 4,253.6.

Copyright Reuters, 2013

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