New Zealand shares follow Asia lower

NEW Zealand shares have fallen as Asian markets continued a downturn due to anxiety over global economic recovery.

The NZX 50 Index fell 19.899 points, or 0.4 per cent to 4,853.799 on Monday.

Within the index 22 shares fell, 13 rose and 15 were unchanged. Turnover was $60.3 million, with light trading due to public holidays in Auckland and Australia.

Markets across Asia fell after stocks in the US closed lower last Friday. New Zealand is the first market to open after the weekend and felt the sting of nervous investors during early trading with the NZX 50 falling as much as one per cent before paring the decline.

Japan's Nikkei 225 Index was down 2.1 per cent in afternoon trading, while Hong Kong's Hang Seng Index fell about 2.1 per cent and South Korea's KOSPI 200 Index was down 1.5 per cent.

The Australian market was closed because of Australia Day.

"It's not the complete carnage that some people might expect," Andrew Bascand managing director at Harbour Asset Management said.

"The markets have opened down, but there hasn't been the fallout."

Wellington-based accounting software company Xero led the day's decliners, sliding 4.3 per cent to $40.

Fellow tech stocks, which have seen big gains this year, also dropped as investors took the opportunity to take profit.

Security-software company Wynyard Group sank 6.7 per cent to $2.65, and SLI Systems, makers of retail website search engines, fell 3.5 per cent to $2.50.

Retirement village operator Summerset fell 3.1 per cent to $3.42. Auckland-based lines company Vector slid 2.7 per cent to $2.51 and New Zealand's biggest listed company, Fletcher Building, slipped 0.3 per cent to $8.85.

Gold miner OceanaGold was the biggest gainer, rising 1.4 per cent to $2.25. Gold has been a beneficiary of the risk-averse market.

Air New Zealand and Sky Network Television both rose 1.2 per cent, to $1.74 and $5.89 respectively.

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