Australian shares slid on Monday due to weak commodity prices and a sell-off in bank stocks that at one point took the benchmark index to its lowest level in more than six weeks. At the close of trade, the S&P/ASX 200 index was down 34.74 points, or 0.6 percent, to 5,688.1 The benchmark fell 0.7 percent on Friday. The subindex for energy stocks dropped 2.7 percent for the day, after being down 3.1 percent - its biggest intra-day fall in nearly 32 weeks. Sentiment was hit by a consultancy's forecast of a rise in output by the Organisation of Petroleum Exporting Countries (Opec). Bank stocks accounted for about half of the benchmark's losses, with the 'Big Four' banks ending 0.5 to 1 percent lower.
Mining giants BHP Billiton and Rio Tinto closed off 0.4 percent and 0.7 percent, respectively, as iron ore prices fell for a third day amid oversupply concerns.
Bucking the trend, gold miners stepped up. Newcrest Mining Ltd, the biggest by market capitalisation, ended 0.9 percent higher after its biggest intra-day surge in almost 10 weeks put it 2.4 percent up. The surge came after Newcrest said it met its full-year output targets. New Zealand's benchmark S&P/NZX 50 index rose 11.43 points, or 0.1 percent, to finish at 7,682.29. The bourse inched up as losses in healthcare and consumer discretionary stocks were outweighed by upbeat industrials. Auckland International Airport rose 1.7 percent to become the biggest percentage gainer on the benchmark after reporting a growth in total passengers for the year.