New Zealand's benchmark NZX-50 fell 1.2 percent yesterday to close at 3,957.94, its fifth loss in five days.
Australia's benchmark S&P/ASX 200 index closed down 1.3 percent at 5,711.5.
Stocks also plunged elsewhere in Asia.
The Philippine benchmark index closed down 6 percent after crashing through the 3,000 mark. Indonesia's standard stock index was down more than 6 percent.
China's main index in Shanghai fell 2.1 percent. Singapore's Straits Times Index was down 4.3 percent, and India's Sensex 30 stock benchmark index lost 4.3 percent to close at 14,358.21 -- the sharpest decline since May 18 last year. Malaysia's Kuala Lumpur composite index slid 3.5 percent to 1,207.61.