Australian shares reversed early gains to fall 1.6 percent as faltering banks and market volatility hit investor sentiment on Friday, sending the benchmark index tumbling further from one-month lows touched a day earlier. The S&P/ASX 200 index fell 79 points to finish at 4,983.5, its lowest close since April 23, according to the latest data. The index is down 3.8 percent for the week - the biggest weekly drop in a year.
New Zealand's benchmark NZX 50 index lost 1.4 percent or 62.3 points to touch a one month low of 4,526.2. Financials dragged as Westpac Banking Corp dropped 2 percent and top lender Commonwealth Bank of Australia lost 1.4 percent. Australia's fourth-largest bank, Australia and New Zealand Banking Group Ltd, tumbled 1.6 percent. Compared to the region, the S&P/ASX 200 index suffered heavy losses. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.4 percent.
Australian casino company Crown Ltd sold its 10 percent stake in rival Echo Entertainment Group, signalling billionaire owner James Packer is confident of winning approval for a new high-roller casino in Sydney. Crown fell 1.8 percent while rival Echo plummeted 11.9 percent to all-time lows of A$3.03.