* Tech stocks fall up to 2%
* NZ GDP posts sharpest quarterly contraction in Q2
* NZ bourse hits one-week high
Sept 17 (Reuters) - Australian shares fell on Thursday,
dragged by mining and tech stocks, as investors took cues from a
renewed tech rout on Wall Street that led major indexes into the
red despite initial optimism surrounding the U.S. Federal
Reserve's low-rate stance.
The S&P/ASX 200 index fell 0.5% to 5,924.5 by 0033
The S&P 500 and the Nasdaq Composite ended in
the red overnight, reversing initial gains with tech sector
weighing on S&P 500 the most, offsetting optimism
stoked by Fed's dovish comments.
The Fed pledged to keep the interest rates near zero until
inflation was on track, marking a shift in monetary policy aimed
to offset years of weak inflation and allow the economy to keep
adding jobs for as long as possible.
Local tech shares followed their bigger U.S. peers, losing
as much as 2%. Afterpay fell 3.5%, while investing
services provider Computershare slipped 0.8%.
Miners, reliant on exports to China, were the biggest drags
on the benchmark, giving up more than 1%.
Tensions with top trading partner China remained at a high
as Australia on Wednesday named the world's second-largest
economy in a court document as the foreign state under
investigation by police in its first foreign interference
Global miners Rio Tinto and Fortescue Metals Group
were the biggest losers, giving up 1.7% and 4%,
In New Zealand, benchmark S&P/NZX 50 index rose as
much as 0.50% to a one-week high of 11,873.380.
Investors shrugged off dire economic data that showed the
country officially entered recession in the second quarter,
posting its sharpest quarterly contraction on record as
coronavirus-related curbs paralysed business activity and
Financials were the top boosts to the index, with local
shares of Westpac Banking Corp and Australia and New
Zealand Banking Group adding as much as 1.5% and 1.8%,
(Reporting by Sameer Manekar in Bengaluru, Editing by Sherry