The New Zealand share market has fallen 29 points, or 0.9%, to close at 3100 on turnover of $71 million on Tuesday.
Top stocks were lower. Telecom was down 4 cents at $2.68 per share, Fletcher Building was 9c lower at $7.96 and Contact Energy fell 11c to $5.90.
Telstra tumbled 17c to $3.83, while Fisher and Paykel Healthcare was down 9c to $3.23.
Sky City Entertainment Group dropped 6c to $3.27 and Sky Network Television slid 18c to $4.58.
Retailer The Warehouse bucked the trend, up 3c to $4.25 at the close of trade.
In Australia, a steep fall in Telstra's share price weighed on a positive market.
The plans to structurally separate Telstra's wholesale and retail business pushed one of the stock market's biggest companies 4.3% lower, which was enough to put a large drag on market gains, the ABC website reports.
Telstra shares were down A14c to $A3.11 at the close of trade.
The All Ordinaries index gained 11 points to close at 4,547, while the ASX 200 finished 0.2% higher at 4,540.
Japanese shares ended narrowly mixed, with many investors waiting on the sidelines because of concerns about the stronger yen and uncertainty over the incoming government's policies, AFP reports.
The benchmark Nikkei-225 index rose 15.56 points, or 0.15%, to 10,217.62. The broader Topix index of all first section shares fell 1.53 points, or 0.16%, to 932.52.