Australia, NZ shares slip as China proves no help

[SYDNEY] Australian shares dropped 0.7 per cent on Monday as China's latest round of stimulus over the weekend to fight slowing growth failed to revert sentiment following a late finish on Wall Street.

The S&P/ASX 200 index shed 44.7 points to 5,833.1 at the close of trade, retreating further from the key psychological level of 6,000. The benchmark has slipped 2.4 per cent in the last week.

New Zealand's benchmark NZX 50 index fell 0.6 per cent, or 37.2 points, to finish the session at 5,824.27.

REUTERS