New Zealand shares fall as investors go on “buyers strike”
The S&P/NZX 50 Index dropped 58.29 points, or 0.5 percent, to 11,702.59. Within the index, 28 stocks fell, 16 rose and six were unchanged. Turnover was $132.9 million.
China's government today eased some restrictions imposed due to the coronavirus outbreak, although a number of workplaces remained closed and some white collar workers worked from home. ANZ Bank New Zealand economist Liz Kendall said investors would keep a close watch on the reopening of Chinese factories and ports.
“Whether that is achievable, and to what extent, will provide direction about the extent of ongoing disruption as the outbreak continues,” she said.
New Zealand exports have already been hit by the disruption to China's economy, and is local economic growth is expected to face a short-term blip.
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