The share market spent another day in negative territory, the NZX Top 50 Index falling 12 points to 4707.
The index has fallen in eight of the past nine trading days.
Stocks in Air New Zealand failed to fire, despite its announcement its first-half pre-profit should rise 20% following a near three-fold increase in the previous first-half. Shares fell 1 cent to $1.62 after earlier being up 4 cents.
Hamilton, Hinden, Green director Grant Williamson said concerns about regulation were still weighing on the market.
"We are seeing investors taking profits in the market at the moment after what's been another very good year," Mr Williamson said.
"What we are seeing is foreign investors starting to take money out of the local market and a lot of that has to do with the regulation that we're seeing come into a number of sectors in the market place. I think Chorus is a prime example of that."
Mr Williamson said investors' reluctance over Air New Zealand was an overhang from the government placement of $1.65, which he believed would stop the price from going up too much in the short-term.
That was despite Air New Zealand "firing on all cylinders", he said.
Chorus shares gained, rising 1 cent to $1.31.
Dollar little changed
The New Zealand dollar was little changed after its sharp gains following better-than-expected United States jobs data on Friday.
Bancorp Treasury Services senior client advisor Peter Cavanaugh said the market was waiting to see what the Reserve Bank said about interest rates on Thursday.
Just after 5pm, the New Zealand dollar was buying: 82.92 US cents, 91.04 Australian cents, 50.40 pence, 0.6027 euro and 85.63 yen.