New Zealand shares fall as mainland Chinese markets reopen
The S&P/NZX 50 Index declined 167.28 points, or 1.4 percent, to 11,550.16. Within the index, 43 stocks fell, five rose, and two were unchanged. Turnover was $106.7 million,
Chinese stocks took their steepest dive since 2015 as they resumed trading from the Lunar New Year holiday, missing out on earlier reactions to the growing fears permeating among equity investors about the outbreak of coronavirus. The Shanghai Shenzhen CSI 300 Index fell 8.2 percent in early trading.
Michael McCarthy, chief market strategist at CMC Markets, said there was a lot of pressure on equity markets across the region and New Zealand was not immune to the global downdraft.
“This is a response to the nervous reaction we saw on Friday night in European and US markets, most growth exposed markets were hit. Oil came off again and base metals came off, which supports the idea that the big concern for investors is the impact on global growth.”
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