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The New Zealand sharemarket continued falling in early trading today, after major overseas markets ended last week with sharp declines.
The benchmark NZSX-50 index was down 20.98 points to 3989.84 around 10.20am. Among 66 stocks traded, 31 fell in price and 13 rose, on turnover of 3.57 million shares worth $15.17 million.
A continuation of last week's weakness on the New Zealand sharemarket comes after US stocks tumbled on Friday (local time), dragging the Dow Jones industrial average to its worst three-day start to a year since the Great Depression.
In this country today, top stock Telecom was down a further 2c early today to 429, following a 3c fall on Friday.
Among other blue chips, Fletcher Building was down 8c early today to 1130, Fisher & Paykel Healthcare eased 7c to 348, and Auckland International Airport was off 4c to 284.
Contact Energy was down 10c to 830, Sky City was down 5c to 450, Tourism Holdings lost 3c early to 232, Trustpower dropped 5c to 850, and Rakon shed 9c to 376
Despite the widespread gloom some stocks did gain early with The Warehouse up 2c to 582, Pumpkin Patch lifting 6c to 263, and Hallenstein Glasson up 6c to 407.
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The tumble in US stocks on Friday followed a sharp rise in the unemployment rate which heightened fears the US economy is heading into a recession.
Technology shares were the worst performer in a broad-based decline after chip maker Intel Corp skidded 8.1 per cent on concerns that businesses are unlikely to upgrade computer equipment in the face of a slowdown.
The Nasdaq fell 3.77 per cent, bringing the index to its worst three-day kick-off to a new year since it was created in 1971.
The Dow Jones industrial average was down 1.96 per cent, at 12,800.18. The Standard & Poor's 500 Index was down 2.46 per cent, at 1411.63. The Nasdaq Composite Index's drop took it to 2504.65.
- NZPA