SGX Nifty slumps 6% after capping highest monthly gain in 11 years

Nifty futures contracts traded on Singapore Exchange (SGX) slumped about 6 per cent on Friday after capping their highest monthly gain in 11 years. The fall came amid sharp declines in markets such as Australia, Japan and the UK. India and most other Asian and European markets were shut.

Market players said fresh tensions between the US and China triggered risk-off bets among global investors with safe-haven assets such as developed world bonds, US dollar and Japanese yen posting gains.

At 5.10 (IST), the SGX Nifty was quoting at 9,297, down 563 points, or 5.7 per cent. The Nifty index had closed