Investors were unable to sustain the enthusiasm in New Zealand shares shown in the past few days, despite rises in overseas stock markets.
The benchmark NZSX-50 Index had risen by a total of about 105 points in the previous three trading days, starting on New Year's Eve, but today ended down 19.14 points at 2764.24.
There were 31 rises and 33 falls, with 97 stocks traded. Total turnover was shares, at a value of $53,380,580.
Phil Hunter of First NZ Capital said he was not aware of any specific reason why the sharemarket in this country was not following the lead of overseas markets which were rising.
"I think it's probably a focus by global investors in the Australian market," Mr Hunter said.
"Sentiment's improved just in the past few days, so we're just seeing a focus on the resource stocks over there."
While the New Zealand market had made a good start in 2009, "today it seems to have missed the general rally in equities around the world".
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