* CBA biggest drag on ASX 200, falling more than 5%
* Miners retreat on weaker metals prices
* Boral rises on sale of North American building products
June 21 (Reuters) - Australian shares fell the most in more
than a month on Monday as top lender Commonwealth Bank plunged
on a deal to sell its general insurance unit, while the U.S.
Federal Reserve's hawkish shift hammered sentiment.
The benchmark ASX 200 index ended 1.8% lower at
7,235.3, moving further away from a record high hit last week.
Commonwealth Bank of Australia dropped over 5%, its
sharpest fall in more than a year, after announcing the
long-anticipated sale of its Australian general insurance
business for about A$625 million ($468.8 million).
Riskier assets were also broadly weaker after Fed official
James Bullard said on Friday that the U.S. central bank might
raise interest rates sooner than previously expected, spooking
Miners also weighed on the resource-heavy bourse,
with Rio Tinto and Fortescue Metals Group down
around 2.7% each as copper and iron ore prices retreated.
Retailers Harvey Norman Holdings Ltd and JB Hi-Fi
Ltd slipped 1.7% and 0.5%, respectively, after data
showed retail sales rose less than expected in May due to
lockdowns in the second-most populous state of Victoria.
Elsewhere, construction materials supplier Boral Ltd
pared some gains to end 1.5% higher.
Boral had earlier touched hit its highest since late 2018
after saying it would sell its North American building products
business to Westlake Chemical Corp, throwing a spanner
in the works of a takeover bid by Seven Group.
Across the Tasman sea, New Zealand's benchmark NZX 50 index
fell 0.4% to 12,499.36.
A2 Milk Company Ltd was the top loser on the
bourse, losing about 3.7%.
($1 = 1.3333 Australian dollars)
(Reporting by Yamini C S in Bengaluru; Editing by Aditya Soni)