Profit taking pulls shares down

The S&P/NZX 50 Index fell 94.42 points, or 0.8 percent, to 11,539.10. Within the index, 34 stocks fell, 11 rose and five were unchanged. Turnover was $171.2 million.

The market started the week with a step down as investors found little distraction from the general economic malaise most of the world has found itself in after the pandemic.

Today’s slide is a continuation of a theme that has been driving the market lower since the index hit a record on Aug. 28.

The strong kiwi dollar, a stern price correction of tech stocks on Wall Street and increased awareness of recessionary conditions has been putting downward pressure on the market for weeks.