NZX joins Asia-Pacific markets' decline

NEW Zealand shares have retreated as the market joined a region-wide decline.

The NZX 50 Index fell 39.263 points, or about 0.8 per cent to 4911.076 on Thursday. Within the index 35 stocks fell, seven rose and eight were unchanged. Turnover was $101.7 million.

Across Asian-Pacific markets there was a downturn after Chinese data showed manufacturing was shrinking.

"The negative data out of China flowed on particularly through Australia," said James Smalley, a director at Hamilton Hindin Greene.

"We just seem to be following those trends at the moment."

Budget retailer Warehouse Group led decliners after it warned its first half profits could fall as much as 13 per cent. New Zealand's largest listed retailer slid 4.5 per cent to $3.54.

Among other retail stocks to fall, outdoor equipment chain Kathmandu Holdings dropped 4.4 per cent to $3.35 and Hallenstein Glasson, which was punished last week after it issued a profit warning, fell 2.9 per cent to $3.35.

Listed property entities declined as the talk of an interest rate hike "sooner rather than later" diminished the appeal of property stocks that typically return a steady cash dividend, Mr Smalley said.

Goodman Property Trust fell one per cent to 97 cents. Kiwi Income Property Trust dropped 0.9 per cent to $1.10. DNZ Property Fund fell 0.3 per cent to $1.53, and Argosy Property was unchanged at 93 cents.

SkyCity Entertainment Group slipped 1.8 per cent to $3.82 and Fletcher Building fell 0.3 per cent to $9.13.

Mr Smalley said some of the heat came out of the tech stocks as investors took the opportunity to take profits.

Xero, whose share price has gained 480 per cent in the past 12 months, declined 1.4 per cent to $42.59 and Wynyard slipped 7.6 per cent to $2.93.

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