The New Zealand sharemarket shed 59 points, or 1.8%, to close at 3158 on Friday.
Fletcher Building fell 14 cents to $8.26 per share, Telecom was down 2c to $2.13 and Contact Energy was 6c lower at $6.21.
Air New Zealand was down 1c to $1.29, while Auckland International Airport also fell 1c to $1.99.
Sky Network Television shed 9c to $4.93 and Sky City Entertainment was down 7c to $3.08.
PGG Wrightson lost 2c to 53c, NZ Oil and Gas was down 5c to $1.51 and New Zealand Refinery fell 7c to $3.65.
Fisher & Paykel Healthcare was down 2c to $3.57, while Fisher & Paykel Appliances was 1c lower to 66c.
Retailer Pumpkin Patch shed 7c to $2.13 and The Warehouse was down 5c to $3.70.
Meanwhile, gold broke through the $US1200 mark, as investors flock to safe haven investments following market turbulence.
At 5.20pm on Friday, the New Zealand dollar was buying 71.12 US cents, 79. 99 Australian cents, 48.26 pence, 65.49 yen and 0.5608 euro. The Trade Weighted Index was at 67.44.