Dec. 22 (Bloomberg) -- Australia's S&P/ASX 200 Index fell from a record on concern share prices had risen too far. Lenders such as National Australia Bank Ltd. led declines.

The S&P/ASX 200 Index lost 10.4, or 0.2 percent, to 4707.8 at the 4:15 p.m. close in Sydney, after earlier rising as much as 0.2 percent. The index snapped a six-day winning streak, its longest rally since the seven days ended Aug 12. About the same number of stocks gained as fell.

The gauge is up 16 percent this year, after a 23 percent jump in 2004, the best performance in more than a decade.

Centro Retail Group and Investa Property Group were among almost 50 stocks that traded without the right to their latest dividends, dragging the index lower.

``The strength of the rally this close to Christmas was surprising, so at some point you can expect investors to take a breather as we move into the holiday period,'' said Jamie Spiteri, head dealer at Shaw Stockbroking Ltd. in Sydney.

New Zealand's NZX 50 Index dropped 0.3 percent to 3309.66 at 5 p.m. close in Wellington.

National Australia, the nation's biggest bank, slid 55 cents, or 1.7 percent, to A$31.80. It earlier rose as much as 0.3 percent, and had gained 3.2 percent in the previous five days.

Commonwealth Bank of Australia, the second biggest lender, lost 36 cents, or 0.9 percent, to A$42.04 after gaining as much as 0.2 percent. The bank rose 3.6 percent the past six sessions.

The S&P/ASX 200 Index had climbed 2.8 percent since the rally began On Dec. 14.

The S&P/ASX 200 Index's futures contract for March fell 0.2 percent to 4714. The broader All Ordinaries Index dropped 0.2 point to 4652.0.

The following shares also rose or fell. The stock symbols are in brackets after the company names.

Australian stocks:

Billabong International Ltd. (BBG AU), the world's biggest surfwear maker by market value, added 36 cents, or 2.7 percent, to A$13.57. The company agreed to buy closely held Nixon Inc. for as much as A$97 million ($71 million) to boost revenue from watch and fashion sales.

Wattyl Ltd. (WYL AU), a paint maker, surged 46 cents, or 16 percent, to A$3.36. Allco Equity Partners Ltd., an Australian investment fund, offered A$274 million or A$3.25 a share for Wattyl.

New Zealand:

Telecom Corp. (TEL NZ), New Zealand's largest telephone company, dropped 7 cents, or 1.2 percent, to NZ$5.82. The nation's telecommunications regulator reiterated a recommendation to the government that price controls be applied to calls from fixed lines to mobile telephones, rejecting alternative proposals by Telecom and rival Vodafone Group Plc.

To contact the reporter for this story: Stuart Kelly in Sydney skelly22@bloomberg.net