Australian shares fell on Wednesday, with mining stocks hurt by declines in commodity prices. Investor confidence also was bruised by a report that the European Central Bank was withdrawing its bond buying program, though an ECB media officer denied there was any such plan under discussion. The S&P/ASX 200 index skidded 31.1 points or 0.57 percent to 5,452.9 at the close of trade.
The materials sector underperformed other sectors in the region, with Newcrest Mining slipping to four month lows, tracking a three percent slump in gold prices. The gold index fell as much as 7.5 percent to a three-month low. Syrah Resources was the biggest percentage loser on the benchmark, shedding 26 percent on what was its worst trading day in more than 5 years. Meanwhile, New Zealand's benchmark S&P/NZX 50 index lost 1.1 percent or 81.3 points to finish the session at 7,271.16, battered by losses in industrial and utility shares.