Sharpest drop on NZX in months

The S&P/NZX 50 Index fell 230.74 points, or 1.9 percent, to 11,824.31. Within the index, 37 stocks fell, 10 rose and three were unchanged. Turnover was $152.5 million.

Technology stocks that have been driving US markets to record highs hit reverse overnight, with the Nasdaq Composite index down almost 5 percent in its biggest fall since June.

Asian markets followed the lead: Australia’s S&P/ASX 200 was down 2.8 percent in afternoon trading and Hong Kong’s Hang Seng was off 1.8 percent.

On the local market, firms with US revenues were the most heavily sold.