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

Market players said fresh tensions between the US and China triggered risk-off bets among global investors

Topics
SGX Nifty | US-China relations

Sundar Sethuraman 

World Equity Market
The Nifty index had closed on Thursday at 9,860, with a gain of 3.2 per cent — ending April with 14 per cent gains

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 such as Australia, Japan and the UK. India and most other Asian and European 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 was quoting at 9,297, down 563 points, or 5.7 per cent. The Nifty index had closed on Thursday at 9,860, with a gain of 3.2 per cent — ending April with 14 per cent gains. Experts said the sharp slump on SGX indicates that domestic were set for a weak opening on Monday. Traders look for cues on the SGX where the Nifty contracts are traded for longer hours.

According reports, US President Donald Trump was exploring ways to stop a retirement fund from investing in Chinese equities. He also told reporters that the US was considering imposing fresh tariffs on China for allegedly spreading the coronavirus.

First Published: Sat, May 02 2020. 01:50 IST
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