(Reuters) - Australian shares struck a 10-year high before ending weaker on Wednesday, snapping a winning streak that had lasted for five consecutive sessions, with declines led by materials and real estate stocks.
The S&P/ASX 200 index <.AXJO> peaked at 6,150 points in early trade before closing at 6,096.7, down 39.1 points, or 0.6 percent from Tuesday.
Miners accounted for most of the losses. Rio Tinto <RIO.AX> eased off its over six-year high to end 0.8 percent in the red while rival BHP Billiton <BHP.AX> lost 0.3 percent.
The sector was subdued by trends on steel markets in China, where muted demand capped a rise in futures that had been spurred by Beijing tightening rules on new steel production facilities. [IRONORE/]
Gold miner Newcrest Mining <NCM.AX> dropped 2.3 percent, in its biggest loss since December 22. Gold prices took a hit as surging U.S. treasury yields and an ongoing rally in equities dulled the precious metal's safe-haven sheen. [GOL/]
Property stocks also retreated.
Goodman Group Pty Ltd <GMG.AX> lost its most in over three months while GPT Group <GPT.AX> slipped 3 percent to its lowest in over two months.
Financial stocks also weakened, with the "Big Four" banks all losing ground, led by Commonwealth Bank of Australia <CBA.AX>, which shed over 0.7 percent.
Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index <.NZ50> fell 0.8 percent, its biggest drop in over two months, as healthcare stocks lost demand.
Fisher & Paykel Healthcare Corp <FPH.NZ> shed 2.1 percent to strike its lowest in over one month, while Ryman Healthcare Ltd <RYM.NZ> retreated from a record high in the previous session to end down 0.9 percent.
Dairy products maker a2 Milk Co Ltd <ATM.NZ> finished down 2.9 percent and was the biggest drag on the index.
(Reporting by Devika Syamnath in Bengaluru; Editing by Simon Cameron-Moore)
