The New Zealand stock market opened November on a down note, with the NZX 50 shedding 116 points, or 0.8%, to settle at 13,682 in early trading. The decline wiped out gains from the previous three sessions, mirroring a broader selloff in U.S. tech stocks on Friday.
Investors adopted a cautious stance ahead of New Zealand's upcoming Q3 unemployment report, following a rise in joblessness to its highest level since Q3 2015 in the prior quarter. Concerns also mounted over potential interest rate hikes by the Reserve Bank of New Zealand in December as it seeks to curb inflation.
Additional pressure came from a contraction in China's manufacturing sector, while geopolitical tensions in the Middle East kept traders on edge over potential impacts on oil prices. The broader index retreated from its highest point since October 15, with energy, financials, and real estate sectors leading the decline.
Among the worst performers were Fletcher Building, down 4.6%, Infratil, off 1.8%, Meridian Energy, slipping 1.3%, and Westpac Banking Corp., which lost 1.2%.