2013.06.2404:25:50UTC+00Aussie stocks decline, with AMP mauled on warning

Australian stocks peeled lower early Monday, shrugging off a weaker currency and some U.S. share gains at the end of last week, with Sydney instead focused on a huge number of names trading without rights to dividends. The S&P/ASX 200 dropped 0.9% to 4,694.90 in initial moves, though Rivkin global analysts Tim Radford said the afternoon could see a turnaround. "A level of strong buying support is emerging at around 4,700. So, we could again see shares sell off at the open, only to be supported by buyers mid-session and push shares higher into the close," he wrote ahead of the market open. Among the majors, BHP Billiton Ltd. declined 1.5% despite gains for its U.S.-listed shares Friday, while Virgin Australia Holdings Ltd. fell 3.5%, APN News & Media Ltd. lost 3.8%, and AMP Ltd. plunged 8% after warning of a hit to its first-half profit due to rising life-insurance claims.