Australian stocks eased 0.6 percent on Monday as share markets across Asia fell in light volumes, hurt by heightened tensions on the Korean peninsula and concerns over a year-end money crunch in China, Australia's top trade partner. Fund manager Perpetual fell 14.8 percent to A$31.54 after private equity firm Kohlberg Kravis Robets & Co terminated talks over a $1.7 billion take-over of Perpetual.
"Perpetual lost its takeover premium, and returned to levels only just above where it was trading prior to KKR's mid October announcement of a possible acquisition," said Spooner. The benchmark S&P/ASX 200 index opened in positive territory but eased back after Shanghai's key stock index fell as much as 3 percent as a shortfall of money flows ahead of the year-end amid a tight monetary environment pressured the market.
The benchmark index fell 26.5 points to 4,736.6, to its lowest level in nearly 2 weeks, according to the latest data. It fell 0.4 percent on Friday, snapping a six-day winning streak. New Zealand's benchmark NZX 50 index fell 0.8 percent to 3,299.96. BHP Billiton slipped 0.5 percent to A$44.82. Three of the top four banks fell, led by Westpac Banking Corp which lost 2.3 percent to close at A$22.66.
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