RTTNews - The New Zealand and Australia sharemarkets are expected to move lower at Tuesday's open, following more steep losses on Wall Street overnight. U.S. stocks plunged on mounting concern over an economic recovery.

The New Zealand and Australian markets joined the Asia-Pacific region-wide decline on Monday.

New Zealand's benchmark NZX-50 index declined 65.2 points or 2.1 percent to 3,086.8.

The New Zealand Stock Exchange reported trading volume of 31.2 million shares valued at NZ$62.8 million.

There were 20 stocks closing higher, 58 were lower and 42 unchanged.

Among the stocks of interest, Fletcher Building plunged .34, backing away from its recent run-up.

Freightways was down .30 after announcing a disappointing earnings report.

Fisher & Paykel Appliances was after announcing CEO John Bongard would step down at year's end for health reasons and be replaced by Simon Botherway. F & P Appliances shares were down NZ$0.05.

Among the most heavily traded stocks, Auckland International Airport was down NZ$0.05, AMP New Zealand Office Trust was down .01, Goodman Property Trust was down a penny,Infratil was also down one cent, Kiwi Income Property Trust was down .01, Nuplex was down .19, SkyCity Entertainment was down .13 and Telecom Corp of NZ was down .03.

For the dual-listed stocks, Telstra was up a penny, Westpac Bank was down .52, Lion Nathan was unchanged, Guinness Peat was down .50, Goodman was down 4.5 cents, AMP was down .25, APM News & Media was down a nickel and Australia and NZ Bank was down .49.

Across the Tasman, Australia's market also joined the move to lower territory.

The benchmark S&P/ASX 200 index closed with a loss of 72.6 points or 1.6 percent at 4.388.4 while the broader All Ordinaries index was down 67 points or 1.5 percent at 4,398.1.

Trading volume was 2.6 billion shares valued at A$5.01 billion.

There were 488 stocks closing higher, 655 lower and 306 were unchanged.

The banking sector was broadly lower. Among the big banks, Commonwealth Bank of Australia, which went ex-dividend, was down A$1.72, Australia and NZ Banking Group was down .49, National Australia was down .67 and Westpac fell .52. Macquarie Group was down $1.64.

In the resources sector, BHP Billiton declined $1.13, Rio Tinto was down $2.89, Fortescue Metals was up .13 and OZ Minerals was down .06.

Bluescope Steel fell .23 after reporting disappointing full year losses.

For the retailers, Woolworths was down a nickel, Wesfarmers was up .47, JB Hi-Fi was down .13, Harvey Norman was down a dime and David Jones was down .11.

Among the gold miners, Newcrest Mining was up0 .50 after raising its full year profit by nearly 85 percent, but Lihir Gold was down .04.

On Wall Street, markets moved sharply lower for a second straight session, with the major averages moving to multiple-week lows as fears about consumer spending raised concerns about an economic recovery.

About 45 minutes before the closing bell, the Dow Jones Industrial Average was down 165.05 points or 1.77 percent at 9,156.35, the Nasdaq Composite Index was down 49.55 points or 2.50 percent at 1,935.97 and the Standard and Poor's 500 Index was lower by 21.77 points or 2.17 percent at 982.32.

All of the major Asia/Pacific region markets finished lower on Monday.

Japan's Nikkei 225 Average dropped 328.72 points or 3.10 percent to 10,268.61.

In Hong Kong, the Hang Seng index was down 756.26 points or 3.62 percent at 20,137.07.

China's Shanghai Composite index was down 176.31 points or 5.79 percent at 2,870.63.

The BSE 30 index in India fell 626.71 points or 4.07 percent to 14,784.92.

Indonesia's Jakarta Composite index declined 9.62 points or 0.40 percent to 2.386.86.

In South Korea, the KOSPI/Seoul Composite index was down 44.35 points or 2.79 percent at 1.547.06.

The Taiwan Weighted Index was down 137.71 points or 1.95 percent at 6,931.80.

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