New Zealand stocks extend losses to 2 pct

WELLINGTON, March 17 (Reuters) - New Zealand's benchmark stock index extended its opening losses on Monday amid deepening investor concern about financial market problems.

The benchmark NZX-50 index .NZ50 opened 0.8 percent lower as it mirrored large falls on Wall Street in the aftermath of the bailout of investment house Bear Stearns.

It extended that weakness through the session and last traded down 2 percent at 3,429.58, its lowest level since late August 2006. So far this year the index has shed 15.1 percent.

Top stock Telecom Corp (TEL.NZ: Quote, Profile, Research, Stock Buzz) was down 0.8 percent at NZ$3.75, while the number-two stock Fletcher Building (FBU.NZ: Quote, Profile, Research, Stock Buzz) was down 2.7 percent at NZ$8.51 and the number three stock Contact Energy (CEN.NZ: Quote, Profile, Research, Stock Buzz) was down 1.7 percent at NZ$8.45. (NZ$1=$1.23)