The benchmark fell 214 points to 13,763, with financials, healthcare, consumer staples, communication services and materials leading declines after Wall Street weakened following the Fed's rate decision.
New Zealand stocks fell 214 points, or 1.5%, to close at 13,763 on Thursday, pulling back from record levels as investors took profits after the benchmark posted three straight record highs. Financials, healthcare, consumer staples, communication services and materials led the decline, while the broader index touched its lowest level in more than a week. The retreat tracked overnight weakness on Wall Street after the Fed kept interest rates unchanged. Investors also looked ahead to China's PMI data due Friday for clues on demand conditions in New Zealand's top trading partner, as uncertainty over the global outlook persisted. Losses were partly cushioned by stronger domestic business sentiment, which rose to its highest level in five months, while moderating oil prices helped ease inflation concerns and reduced expectations of an interest-rate hike. Among the weakest stocks were Vulcan Steel, down 6.1%, Ryman Healthcare, down 4.3%, A2 Milk, down 3.4%, Fisher & Paykel, down 2.4%, and Auckland International Airport, down 1.9%.