New Zealand share prices fell 0.41 percent on Monday in a muted reaction to a sharp sell-off on Wall Street at the end of last week, dealers said. The benchmark NZX-50 index shed 17.18 points to 4,228.83 on turnover worth 120.4 million dollars (91.6 million US). Falls led gains 72 to 43 among the 148 stocks traded.
"It is not a broad sell off. There are some stocks that have done well," said Grant Williamson, partner at Hamilton Hindin Greene. "There is no panic selling on the local market. "What we are seeing is some foreign investors selling out, repatriating their funds out of New Zealand because of the declining New Zealand dollar," Williamson said.
A sharp fall in the New Zealand dollar from 22-year highs in recent days was seen as good news for exporters and the quality export stocks. The New Zealand dollar closed local trading at 76.12 US cents Monday, down from 78.33 on Friday and 81.6 earlier last week.
Fisher & Paykel Appliances rose two cents to 3.57 dollars and Fisher & Paykel Healthcare was up 18 cents at 3.44. Market leader Telecom fell five cents to 4.65 dollars ahead of results on Friday. Telecom is expected to report a net profit before abnormals of 184 million dollars for the fourth quarter to June compared with 203 million dollars a year earlier.
Fletcher Building was down 16 cents at 12.40 dollars, following a 42 cent fall on Friday, while Contact Energy shed four cents at 9.43, following Friday's 18 cent fall. Auckland International Airport was up one cent at 3.33 dollars but is well below the 3.80 value of the cash and scrip offer from Dubai Aerospace Enterprise. Air New Zealand added nine cents at 2.61 dollars after reporting strong load factors for June.