New Zealand shares fell, pushing the NZX 50 to a two-month low, amid concern equity markets worldwide have surged ahead of earnings potential.
Hallenstein Glasson Holdings led the decline after a profit warning, while Telecom and Fletcher Building paced the slide.
The NZX 50 fell 40.21 points, or 1 per cent, to 4401.91, the lowest since early April. Within the index, 33 stocks fell, 15 rose and two were unchanged. Turnover was $165 million.
Stocks fell across Asia as doubts about the pace of global growth were reinforced by the World Bank cutting its global outlook and a slump in Japanese stocks, pushing the Nikkei 225 Index down 5.6 per cent, as the yen rallied.