Australia's S&P/ASX 200 Index slumped by 1.1 percent to 4,548 at the close of trading in Sydney. New Zealand's NZX 50 Index lost 0.1 percent to 3,167.02 in Wellington.

Eastern Star Gas Ltd. Dropped by 6.8 percent to 76 Australian cents. The coal-seam gas developer in the Australian state of New South Wales was demoted to hold from buy at Paterson Securities.

Eldorado Gold Corp. cut down by 2.9 percent to A$17.73 after it was demoted to hold from buy at GMP, by equity forecaster, Craig West.

Qantas Airways Ltd. Increased by 2.3 percent to A$2.64 after Royal Bank of Scotland Group Plc and Macquarie Group Ltd., analysts stated buy ratings on the airline stock.

PGG Wrightson Ltd. Increased by 3.8 percent to 55 New Zealand cents. Rural Portfolio Investments Ltd.'s stake in PGG Wrightson has been traded. The 46.8 million Wrightson shares were traded at 52 New Zealand cents per piece.

Kathmandu Holdings plunged by 1.8 percent to $2.13, as Government statistics depicted consumer spending on credit and debit cards cut down in April from the preceding month.

The shares are being assisted by better product prices, which raise proceeds of Wrightson's farmer customers, and as a few shareholders invested in the stock close to six month lows.