(Updates to close)
SYDNEY May 16 Australian shares fell 0.6 percent on Friday, tracking a pullback in Wall Street stocks, with investors eyeing potential offshore risks including China's slowing economy and the crisis in Ukraine.
The S&P/ASX 200 index lost 31.8 points to 5,479.0 at the close of trade, and added 0.3 percent for the week, its second consecutive week of gains. The benchmark rose 0.3 percent to a two-week high on Thursday.
New Zealand's benchmark NZX 50 index slipped 0.2 percent or 8.8 points to finish the session at 5,186.2. (Reporting by Thuy Ong; Editing by Eric Meijer)