Australia shares slip from 6-yr peak; Coca-Cola fizzles on profit warning

Reuters - UK Focus

* Heavyweight banks, miners drag down main index

* Echo Entertainment outperforms on stronger revenue

* S&P/ASX 200 set to eke out 0.2 pct weekly gain (Adds analysis, quotes, stocks on the move)

SYDNEY, April 11 (Reuters) - Australian shares fell almost 1percent on Friday, retreating from a near six-year high after aselloff on Wall Street hit market sentiment, while Coca-ColaAmatil Ltd sank to a 4-1/2-year low after the beveragefirm issued a profit warning.

On Thursday, the U.S. Nasdaq suffered its biggest drop in2-1/2 years, raising fears of a broader market pullback. That hit investor confidence in Sydney and triggered broad-basedselling in shares including banks and miners.

The S&P/ASX 200 index was down 0.9 percent or 48.6points at 5,432.2 as of 0247 GMT. On Thursday, the benchmark hadrisen 0.3 percent and touched a session high of 5,503.5, itshighest since June 2008.

At its current level, the index is poised to gain 0.2percent on the week.

Commonwealth Bank of Australia (Other OTC: CBAUF - news) lost 0.8 percent andWestpac Banking Corp fell 0.7 percent. Indexheavyweight miners BHP Billiton Ltd and Rio Tinto Ltd (Xetra: 855018 - news) lost 0.6 percent and 1.1 percent, respectively.

"I think our clients are really shorting mining stocks atthe moment, that seems to be how they seem to be playing themarket," said Daniel Wypler, senior market maker at City Indexin Sydney.

Wypler added that investors were taking a wait-and-seestance towards banks, eyeing macro data and the Reserve Bank ofAustralia's policy setting meetings over the next few months.

Coca-Cola Amatil dived 14.4 percent to A$9.76, its lowestsince October 2009. The bottler said it expects its earnings tofall around 15 percent in the first half of 2014 because of weakspending in Australia and rising costs in Indonesia.

Some stocks bucked the downdraft on upbeat cues.

Echo Entertainment Group soared 11.8 percent to aone-month high of A$2.70 after the casino operator said strongergaming revenue had boosted third-quarter earnings, and named anew chief executive.

Padbury Mining Ltd rocketed 75 percent to athree-year peak of A$0.04 after saying it had secured almost$6.5 billion in funding to build a new port and associatedrailway at Oakajee in Western Australia.

Elsewhere, trading in shares of Bank of Queensland Ltd (Other OTC: BKQNY - news) was suspended after it said it would buy Investec Bank(Australia) Ltd's business finance and asset leasingunit for A$440 million.

New Zealand's benchmark NZX 50 index slipped 0.3percent to 5,099.5. (Reporting by Thuy Ong; Editing by Chris Gallagher)

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