New Zealand share prices dropped 1.53 percent on Wednesday amid renewed turmoil in world markets and with foreign investors selling local shares as the New Zealand currency dived, dealers said. The benchmark NZSX-50 index fell 61.22 points to 4,004.46 on moderate turnover worth 134.7 million dollars (96.5 million US).
The New Zealand dollar closed local trading at 71.65 US cents, down from 73.20 on Tuesday. Market leader Telecom fell two cents to 4.27 dollars, while Fisher & Paykel Appliances fell six cents to 3.51 dollars after announcing the shifting of an electronics factory to Thailand. Fisher & Paykel Healthcare eased a cent to 3.42 dollars and Fletcher Building fell 41 cents to 11.57.
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