Australian shares gave up early gains to finish slightly lower on Monday after weak trade data from China deepened concerns about sputtering economic growth in Australia's No. 1 trading partner. China's export sales contracted 15 percent in March while import shipments fell at their sharpest rate since the 2009 global financial crisis.
The S&P/ASX 200 index turned negative after the data was released and fell 8.07 points, or 0.1 percent, to end the session at 5,960.3. Earlier, it hit an intra-day peak of 5,996.4, its highest level since March 3. The benchmark climbed 0.6 percent on Friday.
Over the past month the benchmark has unsuccessfully attempted to breach the 6,000-point mark, a level not seen since February 2008.
Resources stocks were the hardest hit on Monday with major miners BHP Billiton down 2.4 percent and Rio Tinto
falling 2.8 percent. Consumer staples, industrials and technology stocks also ended in the red.
New Zealand's benchmark NZX 50 index ended up 0.12 percent or 6.96 points to finish the session at 5,854.32.
Overseas, Britain's top equity index sprinted to record highs on Friday while Japan's Nikkei share average topped the 20,000-point mark for the first time in 15 years. US stocks too rallied on Friday.
Weekend comment from Australian federal treasurer Joe Hockey that iron ore prices could fall to as low as $35 per tonne added to worries, with the mining sector the worst hit on Monday.
"Uncertainty continued in the resources sector due to the falling iron ore price and halt to operations at Atlas Iron," said Tristan K'Nell, head of trading at Quay Equities.
"The main driver to the market strength was the energy sector."
Energy companies Woodside Petroleum and Santos were up 0.9 and 2.2 percent respectively while major miners BHP and Rio Tinto fell more than 1 percent.
Big banks ANZ and NAB rose about 0.2 percent while Macquarie hit a new high since December 2007, up 1 percent.
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