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SYDNEY, Jan 11 (Reuters) - Australian shares pared some of their early losses but still ended 1.2 percent lower on Monday, beaten down by Wall Street having its worst starting week in history and concerns about Beijing's ability to manage China's financial markets. S&P/ASX 200 index .AXJO crumbled 58.64 points to 4,932.2 at close. The benchmark shed 5.7 percent last week, its largest such loss since 2011 and the worst opening week on record.
Earlier in the day, it plunged 2.2 percent to a 2-1/2 year low but recouped some of the losses on late buying of banks and select stocks such as Carsales.com.au CAR.AX and Slater & Gordon SGH.AX .
New Zealand's benchmark S&P/NZX 50 index .NZ50 dipped 0.9 percent or 55.28 points to finish the session at 6,102.83.