Reuters: Hot Stocks: Australian shares post 5th straight decline, miners sag

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Australian shares post 5th straight decline, miners sag May 27th 2013, 06:50 Mon May 27, 2013 2:50am EDT (Adds details, comments) SYDNEY May 27 (Reuters) - Australian shares fell 0.5 percent on Monday, extending last week's sharp declines to a five-week low as sentiment was hit by volatility in the Japanese market and concerns the U.S. Federal Reserve may scale back its stimulus measures. Japan's Nikkei share index slid more than three percent on Monday, in a continuation of last week's turbulance and causing investors to worry that profit-taking had turned into lasting doubts about global economic growth. "Potentially, I think that many of the concerns from last week have carried into this week and that's hanging over our market today which is marking another negative session," said Tim Waterer, senior trader at CMC Markets. "I think there's a bit of profit-taking given the uncertainty coming from those key market supporters at this point in time. " High yielding stocks, including defensives, were heavily sold off. Biotechnology firm CSL Ltd lost 0.9 percent. Consumer retail staples Woolworths Ltd dropped 1.1 percent to trade at 3-month lows, while Wesfarmers Ltd slipped 0.3 percent to 6-week lows. The S&P/ASX 200 index slid 23.6 points, a fifth consecutive session of falls, to finish at 4,959.9, its lowest close since April 19. The benchmark lost 3.8 percent last week - the biggest weekly drop in a year. Global iron ore miners BHP Billiton Ltd and Rio Tinto Ltd shed 1 percent and 2.6 percent, respectively after Shanghai copper slipped on Monday and was mired near last week's low on worries fitful growth in top consumer China would not be met by fresh stimulus. Small cap mining and exploration company Lachlan Star Ltd dived 31.6 percent. "Looking at the volumes its trading at today, I'd say a lot of it is to do with the liquidity conditions of Lachlan Star's stock," Waterer said. Financials dragged on the market as investors sold banks after a recent stellar performance across the sector on the back of strong earnings reports and high dividend yields. Top lender the Commonwealth Bank of Australia fell 0.8 percent while Westpac Banking Corp dipped 0.3 percent. Australia New Zealand Banking Group bucked the trend, rising 0.6 percent after saying it will outsource 70 call-centre positions to New Zealand to improve profit margins. Retailers finished weaker. David Jones lost 0.8 percent. Australia's No.2 department store chain on Monday reported a 3.4 percent fall in its third-quarter sales, as a mild start to winter affected its womenswear business and electronics sales continued to come under pressure. Rival Myer Holdings Ltd plumbed 1.2 percent while electronic goods and entertainment retailer JB Hi Fi Ltd slippped 0.1 percent. The S&P 500 declined for a third day on Friday, with the three major U.S. stock indexes posting their first negative week since mid-April on lingering concerns that the U.S. central bank may scale back its stimulus measures. New Zealand's benchmark NZX 50 index dived 1.1 percent or 48 points to 4,478.2. (Reporting by Thuy Ong; Editing by Jacqueline Wong) Link this Share this Digg this Email Reprints

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