KEY POINTS:
The New Zealand share market fell today after a big fall in United States equities affected markets throughout the Asian time zone.
US stocks tumbled 4.62 per cent as a lack of detail in the government's plan to bolster the financial system rattled investors and fuelled doubts about
steps taken to contain the economic meltdown.
The benchmark NZSX-50 index closed down 19.825 points, or 0.721 per cent, at 2730.225, which was improved from the level the market opened at.
Among leading shares, Telecom was down 4c at 259 but Contact Energy rose 4c to 675.
Fletcher Building eased 2c to 550 even though the Government detailed spending on infrastructure that will provide work for builders.
"It was a fairly lacklustre day. All of Asia is in the red and the US took a pounding," said Stephen Wright at ASB Securities.
"We are also waiting for our corporate news," he said. Both Fletcher Building and Telecom report this week.
With bank stocks particularly hard hit in the US, dual-listed bank stocks fell heavily in this country with ANZ down 21c to 1519 and Westpac down 13c to 2017. AMP was down 8c to 628.
But Commonwealth Bank of Australia rose in Australia after reporting a lower profit.
Some of the losers included Sky City down 4c to 294, Fisher & Paykel Appliances down 4c to 108, Sky TV down 7c to 413, and Nuplex down 8c to 247.
NZOG was down 2c to 138 and Guinness Peat Group was down 1c to 82, Michael Hill eased 2c to 51.
Against the overall market trend, Ebos rose 6c to 440, Mainfreight rose 5c to 391 and The Warehouse rose 2c to 350. Fisher & Paykel Healthcare rose 3c to 340 and NZX rose 1c to 577.
The Dow industrials posted their biggest one-day loss since December 1. Losses accelerated after the Treasury Department rolled out an intensely awaited financial rescue plan.
Investors were disappointed by the lack of detail on how the government would cleanse toxic assets burdening the financial system, triggering a nearly 14 per cent slide in the KBW Bank Index.
"This is not a clear-cut plan. It is reminiscent of previous plans where there was convoluted calisthenics to try to fix this thing. That's not what investors are looking for," said Bucky Hellwig, an analyst with Morgan Asset Management in Birmingham, Alabama.
The Dow Jones industrial average was down 381.99 points, or 4.62 per cent, at 7888.88. The Standard & Poor's 500 Index was down 42.73 points, or 4.91 per cent, at 827.16. The Nasdaq Composite Index was down 66.83 points, or 4.20 per cent, at 1524.73.
- NZPA
