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Australia: Shares hit by selloff in financials, CBA slumps

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[SYDNEY] Australian shares slid to a three-month closing low on Wednesday as investors dumped bank stocks on growth worries, with Commonwealth Bank suffering its biggest daily percentage drop in over six years.

The S&P/ASX 200 index ended 2.3 per cent, or 134.3 points, lower at 5,692.2. The index posted its largest one-day percentage fall in over two years.

Commonwealth Bank shares dropped 5.85 per cent - a magnitude not seen since January 2009 - after reporting flat quarterly cash earnings due to higher regulatory costs.

New Zealand's benchmark NZX 50 index slipped 0.4 per cent, or 22.5 points, to end at 5,765.3.

REUTERS