RTTNews - Weak opens are expected Monday for the New Zealand and Australia sharemarkets, following sharp losses on Wall Street overnight. U.S. stocks fell on renewed economic concerns and broadly lower commodity prices.

New Zealand's market posted a gain to open the trading week.

The benchmark NZX-50 index was up 15.3 points or 0.55 percent at 2,825.16.

The New Zealand Stock Exchange reported trading volume of 43.6 million shares valued at NZ$88.4.

Advancing issues outnumbered decliners 48 to 32 with 33 unchanged.

Among the session's most actively traded issues, Auckland International Airport was down NZ$0.01, AMP NZ Office Trust was unchanged, Fletcher Building was down .07, Fisher & Paykel Appliances rose .05, F & P Healthcare was down a penny, Goodman Property Trust was up one cent, Guinness Peat was also up a penny, Kiwi Income Property Trust was flat, SkyCity Entertainment was up .03, Telecom Corp of NZ was up .07 and Telstra was down two cents.

In Australia, declining metals prices pushed the resources sector, which led to the overall market finishing in the red.

At the close, the benchmark S&P/ASX200 index was down 30.5 points or 0.75 percent at 4,031.7 while the broader All Ordinaries index was down 31.1 points or 0.77 percent at 4,030.40.

Market turnover was 2.47 billion shares valued at A$4.76 billion.

There were 497 stocks closing higher, 631 were lower and 339 closed unchanged.

In the resources sector, mining leader BHP Billiton declined A$1.04 or 2.7 percent and rival Rio Tinto was down $1.70 or 2.2 percent. Among the junior miners, Fortescue Metals declined .30 points or 7.2 percent, OZ Minerals was down .04 and PanAust was down two cents..

Among the energy companies, Woodside Petroleum was down .68, Santos was down .15 and Oil Search fell .17.

For the gold miners, Newcrest Mining was down .44, Newmont Mining was down .12 and Lihir Gold dropped four cents.

The big banks were mixed, with Australia and NZ Banking Group unchanged, Commonwealth Bank of Australia was up .41, National Australia Bank was up .17 and Westpac Bank was down .05.

For the retailers, Woolworths was down .17, Wesfarmers advanced .16, Harvey Norman gained a penny, JB Hi-Fi was down .12 and David Jones was down .08.

In overseas trading, renewed economic worries sent stocks on Wall Street tumbling Monday. A half hour before the closing bell, the Dow Jones Industrial Average was down 193.63 points or 2.20 percent at 8,605.63, the Nasdaq Composite index was lower by 46.08 points or 2.48 percent at 1,812.72 and the Standard & Poor's 500 index was down 23.28 points or 2.46 percent at 922.93.

Most major market indices in the Asia/Pacific region closed lower on Monday.

In Japan, the Nikkei 225 Average dropped 96.15 points or 0.95 percent to 10.039.67.

Hong Kong's Hang Seng index fell 390.72 points or 2.07 percent to 18,498.96.

In China, the Shanghai Composite index managed a gain of 45.79 points or 1.67 percent to 2,789.55

The BSE 30 index in India declined 362.72 points or 2.38 percent to 14,875.52.

Indonesia's Jakarta Composite index was down 21.07 points or 1.01 percent to 2,069.88.

In South Korea, the KOSPI/Seoul Composite index declined 16.17 points or 1.13 percent to 1,412.42.

The Taiwan Weighted Index was down 222.67 points or 3.45 percent at 6,225.56.

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