(Updates to close)
SYDNEY, Jan 27 (Reuters) - Australian shares dropped 1.2 percent on Wednesday, led by another slide in Chinese equity markets, as well as energy and banking stocks, while New Zealand ended flat.
The S&P/ASX 200 index .AXJO closed down 60.2 points at 4,946.40, but was well off a two-year trough of 4,803.9 touched last week.
New Zealand's benchmark S&P/NZX 50 index .NZ50 nudged down by just 0.21 points to finish the session at 6141.94.