The benchmark NZX50 fell 26 points, or 0.8%, to close at 3008 on Monday, on turnover of $74 million.
Across the Tasman, the ASX 200 was down 27 points, or 1.6%, at 438.5.
On currency markets, the NZ dollar was at 71.12 US, 81.24 Australian, 47.20 pence, 63.53 yen and 0.5739 euro.
The Trade Weighted Index was at 68.03.
Fletcher Building fell 2 cents to $7.95, Telecom was unchanged at $1.97 and Contact Energy dropped 4c to $5.85.
Auckland Airport was down 2c to $1.93, Fisher & Paykel Healthcare down 4c at $3.14 after announcing tax changes will reduce its full year profit by $11 million.
Sky City Entertainment Group down 2c to $2.93 and Sky Network Television down 2c to $4.91.
Nuplex up 4c to $2.91, Mainfreight unchanged at $6.19, and NZ Oil & Gas unchanged at $1.27.
GPG up 2c to 66c after director Tony Gibbs, released a statement saying he does not support a proposed restructure plan, and believes most shareholders feel the same.
South Port up 5c to $2.60 after announcing it is purchasing a new container crane.
Allied Farmers down 0.1c to a record low 4.3c after announcing it is yet to finalise its lending arrangements.
Tower down 5c to $1.53 and ANZ down 55c to $27.70 - after the Court of Appeal ruled in favour of Tower in a court battle over insurance customers.