New Zealand shares are weaker, the benchmark NZX Top 50 Index falling 28 points to 5063 as a sell-off in technology and bio-technology stocks continues.
Forsyth Barr financial advisor Mark Ammundsen said the domestic market took its lead from Wall Street's performance on Friday.
"The market took the lead from the US markets, with the SMP 500 and Dow Jones both down just under 1 percent," Mr Ammundsen said.
"Evidence suggests the hedge market funds are dropping the markets best performers, with the sell-off in the technology and bio-tech stocks continuing."
Xero shares fell $2.05, or 6.5 percent, to $29.30, Wynyard shares sank 12 cents, or 5 percent, to $2.24, and Pacific Edge shares dropped 9 cents, or 8 percent, to $1.09.
Among other movers today, Abano share fell 8 cents to $6.40. The company has offered to buy disaffected shareholder and former director Peter Hutson out of its joint-venture audiology business for $12.9 million.
That is at least 37 percent above a valuation Mr Hutson commissioned but well below a valuation Abano commissioned last year.
Hellaby Holdings shares shed 2 cents to $2.88 after the company announced it is buying a couple of small add-on businesses for less than $10 million in total.
Dollar flat
The New Zealand dollar is flat after what ASB head of institutional foreign exchange sales Tim Kelleher describes as a quiet day of trading.
"Obviously, the key points for this week will be the Global Dairy Trade auction on Wednesday morning, to see if the downward trend continues there, and then we also have CPI (Consumer Price Index) on Wednesday, which will obviously give the Reserve Bank some greater idea what they want to do the week after.
"It certainly is just a waiting game at the moment."
Just after 5pm, the New Zealand dollar was buying 86.79 US cents, 92.4 Australian cents, 51.83 pence, 0.6262 euro, 88.17 yen, and 5.39 renminbi.
