AMP share prices takes a big hit; Market down overall

The S&P/NZX 50 Index declined 34.87 points, or 0.3 percent, to 10,666.56. Within the index, 22 stocks fell, 24 rose, and four were unchanged. Turnover was $110.4 million.

Dual-listed financial services firm AMP tumbled 14 percent to $1.91 after saying the planned A$3.3 billion sale of its life unit was highly unlikely due to stipulations required by the Reserve Bank of New Zealand. Australia & New Zealand Banking Group decreased 1.1 percent to $28.28, and Westpac Banking Group was down 1 percent at $29.05.

Australasian stocks were largely weaker as investors fretted over the slowest pace of quarterly growth in China for 27 years, with New Zealand and Australia both reliant on selling exports to the world's most populous nation. Australia's S&P/ASX 200 Index was down 0.4 percent in afternoon trading.

"China's GDP growth is probably the worst we've seen since the early '90s - it's a mixed bag across Asia and we're part of that," said Peter McIntyre, an investment adviser at Craigs Investment Partners.