NZ stocks slip to a 3-week low as Wall St weighs

WELLINGTON, June 9 (Reuters) - New Zealand stocks slipped 1.45 percent to a three-week low on Monday, as they tracked Wall Street's sharp decline amid slowing growth and record oil prices.

The New Zealand market opened sharply lower, but escaped a much worse mauling, considering the extent of the fall in U.S. stocks.

"Overall there was no panic in the New Zealand market, it was an orderly sell down, and broadly spread across the major stocks," said Grant Williamson, a partner at brokerage Hamilton Hindin Greene.

The benchmark NZX-50 index .NZ50 closed down 51.58 points at 3,496.50, just above session lows. Activity was thinned by Australia having a public holiday, which removed many investors.

Top stock Telecom Corp (TEL.NZ: Quote, Profile, Research), which has around 17 percent weighting in the index, closed down just 1 cent or 0.3 percent at NZ$3.85.

The second biggest stock Contact Energy (CEN.NZ: Quote, Profile, Research) shed 2.4 percent to NZ$8.64 and the number three stock Fletcher Building Ltd (FBU.NZ: Quote, Profile, Research) was also down 2.4 percent to NZ$7.37.

Stocks falling in price outnumbered the rises four-to-one, with turnover below average at around NZ$60 million ($46 million).

Stock markets around Asia were lower after U.S. stocks plunged 3.1 percent on Friday, their biggest fall in 15 months, after data showed unemployment jumping the highest in 22 years and oil prices hitting record highs.

The double blow, which raised the spectre that the U.S. economy may face 1970's style stagflation, sent investors rushing out of stocks to safe haven bonds.