Reuters: Hot Stocks: Australia shares fall on China worries, miners sink

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Australia shares fall on China worries, miners sink Jun 25th 2013, 06:17 Tue Jun 25, 2013 2:17am EDT SYDNEY, June 25 (Reuters) - Australian shares reversed early gains to close down 0.3 percent on Tuesday as investors fretted that a cash crunch could slow Chinese growth, but a weaker Australian dollar buoyed exporters, helping to cap losses. Flagship miners BHP Billiton Ltd and Rio Tinto Ltd lost 1.7 percent and 2.5 percent respectively, due to fears that tighter liquidity and slower growth in China could reduce its demand for iron ore. Companies benefiting from the sliding Aussie dollar included biotechnology firm CSL Ltd, which rallied 2.1 percent, and building products maker James Hardie Industries Ltd , up 0.2 percent. The S&P/ASX 200 index slipped 13.1 points to 4,656, according to the latest data. The benchmark dropped 1.5 percent on Monday. The People's Bank of China said banks needed to do a better job of managing their cash and lending as the central bank attempts to move the world's second largest economy away from credit-driven investment. New Zealand's benchmark NZX 50 index slid 1.1 percent or 47.1 points to finish the session at 4,317. (Reporting by Thuy Ong; Editing by Richard Borsuk)

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