Reuters: Hot Stocks: Australia shares fall 0.7 pct to 5-mth low as banks drag

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Australia shares fall 0.7 pct to 5-mth low as banks drag Jun 12th 2013, 06:30 Wed Jun 12, 2013 2:30am EDT SYDNEY, June 12 (Reuters) - Australian shares fell 0.7 percent on Wednesday, closing at a five-month low, as a global fall for equities and disappointment that the Bank of Japan did not take new easing steps the previous day hurt appetites. Financials led losses as overseas investors sold off index-heavy banks on the back of the weaker Australian dollar and higher bond yields, analysts said. The S&P/ASX 200 index dropped 32.6 points to 4,724.5, its lowest point since Jan 16. The benchmark rose 0.4 percent on Tuesday, snapping three sessions of losses. The index lost 3.8 percent last week on concerns over slowing growth in China, fear the U.S. Federal Reserve will wind back its stimulus this year and volatility in Japanese equities. The market has dived 10 percent from its latest peak of 5,249.6 on May 15. New Zealand's benchmark NZX 50 index dropped 0.5 percent or 21.5 points to 4,442.1. (Reporting by Maggie Lu Yueyang; Editing by Richard Borsuk)

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