The local share market has dodged the worst of the latest bout of global financial market turbulence, to post a modest loss.
NZX sign Photo: RNZ / Angus Dreaver
The benchmark NZX Top 50 index opened more than 2 percent lower, falling back to two year lows, as it caught the negative mood on Wall Street where markets fell as much as 4 percent.
But the local market clawed back much of its losses to close 57 points down, 0.5 percent, at 10,589.
The session's bigger losers included Tourism Holdings, Skellerup, Kathmandu and Air New Zealand.
The number of declining stocks outnumbered the gains by nearly three to one, but there were signs of some bargain hunting for cheaper stocks including Genesis Energy and Ryman Healthcare.
One feature of the New Zealand was its large turnover, with more than $432 million worth of shares traded, nearly four times the usual turnover.
The heaviest trade was seen in top companies, Spark, A2 Milk, Fletcher Building, Air New Zealand and Auckland Airport, suggesting investment funds were adjusting the makeup of their portfolios.
The local market finished the week 4 percent lower, as global markets took a hammering after the US Federal Reserve hiked interest rates to tame decades high inflation.