GameStop chaos weighing on equity market

The S&P/NZX 50 Index fell 30.04 points, or 0.2 percent, to 13,097.25. Within the index, 23 stocks fell, 20 rose and seven were unchanged. Turnover was just $90.5 million as a third of the country was off work for Auckland Anniversary Day.

Key indices in the United States fell about 2 percent on Friday night as the fallout from the GameStop short squeeze continued to unsettle investors who were already wary of record high prices.

BNZ market strategist Jason Wong said investors may be nervous that the wild trading could trigger a systemic event or further selling and reducing their equity exposure.