21.06.201305:38:24UTC+00Aussie stocks steeply decline on resource weakness

Australian stocks joined the decline in global equities, extending losses Friday after investors on Wall Street swatted U.S. shares overnight. The S&P/ASX 200 surrendered 1.6% to 4,684.40, with resource shares leading the pull backs after commodities sold off amid fear of the coming wind-down to U.S. Federal Reserve stimulus. Heavy losses for gold pushed Newcrest Mining Ltd. dive 6.5%, while a similar tumble in crude-oil futures sent Karoon Gas Australia Ltd. plunging 4.8% and Origin Energy Ltd. decreased by 2.4%. BHP Billiton Ltd. missed 1.8%, Fortescue Metals Group Ltd. traded 3.7% less, and uranium miner Paladin Energy Ltd. down 4.2%. Media shares were also a weak spot, with Fairfax Media Ltd. turning 4.5% back and APN News & Media Ltd. exchanged 3.8% lower.