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New Zealand Stocks Plunge, Pulling Index 11% Lower From May High

New Zealand stocks fell the most since October 2008, dragging the benchmark NZX 50 Index down by more than 11 percent from its May 20 high.

The NZX 50 dropped 3.1 percent to 3,173.88 as of 11:17 a.m. in Wellington, with no stocks rising. If the gauge closes more than 10 percent below the May high it will have entered a so-called correction.

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