Australia: Shares stumble as China gloom weighs

[SYDNEY] Australian shares pared some of their early losses but still ended 1.2 per cent lower on Monday, beaten down by Wall Street having its worst starting week in history and concerns about Beijing's ability to manage China's financial markets.

The S&P/ASX 200 index crumbled 58.64 points to 4,932.2 at close. The benchmark shed 5.7 per cent last week, its largest such loss since 2011 and the worst opening week on record.

Earlier in the day, it plunged 2.2 per cent to a 2-1/2 year low but recouped some of the losses on late buying of banks and select stocks such as Carsales.com.au and Slater & Gordon.

REUTERS