Fletcher index raised 1.1 percent to NZ$8.65

WELLINGTON: The index ended a five-day losing streak as Fletcher Building rose in response to a government offer to buy 5,000 earthquake-damaged homes in Christchurch.

Fletcher raised 1.1 percent to NZ$8.65, while Telecom raised 2.9 percent to NZ$2.48.

Asian shares mostly edged down on Thursday as traders cashed in after a two-day regional rally while sentiment was also dampened by the Federal Reserve's decision to cut its 2011 US growth forecast.

Preliminary data from China suggesting manufacturing slowed further in June added to concerns of an easing in the global economy.

The US central bank on Wednesday said the world's number one economy was recovering slower than expected and announced it would hold interest rates at super-low levels "for an extended period".

Copyright AFP (Agence France-Presse), 2011