Tuesday, January 21 2020

STI gap down to start plunging to day low of 3232.99 before some recovery to close at 3247.17. This came after the market gave warning with 2 days' bearish candlesticks of profit-taking as alerted in the blog.
Despite STI rebounded from it current term channel bottom as well as its mid-term uptrend mid-line, it remained below its 2016 May downtrend line. 

STRAITS TIMES   3,247.170   -32.92 (-1.00%)
Prev : 3,280.090	High : 3,275.150	Low 3,232.990	Open 3,271.560

Singapore shares sink 1% on China virus fears, growth worries

21 Jan 2020 18:25

By Lynette Tan

SINGAPORE stocks slumped further on Tuesday, in line with most regional markets, as the emergence of a new virus from China and a sluggish economic outlook weighed on sentiment.

The Straits Times Index was down 1.09 per cent after lunchtime, but eventually regained some ground to close at 3,247.17, down 1 per cent or 32.92 points.

Decliners outnumbered advancers 350 to 138, or about three counters down for every one on higher ground. Trading remained active, with 2.67 billion securities worth S$1.11 billion changing hands.

Linus Loo, head of research at Lim & Tan Securities, told Reuters on Tuesday that concerns over the spread of the coronavirus in China affected market sentiments. "Unfortunately, it's coming at a bad time because it's the travel season in China ahead of the New Year celebrations," he said.

CMC Markets analyst Margaret Yang also thought markets "priced too little in", in terms of the virus spreading across multiple Asian cities from Wuhan, in a situation that harks to the Sars outbreak of 2003.

In addition, the current situation may be worsened by the millions of people travelling across China for the Chinese New Year, she said.

Adding to investors' worries on Tuesday was the International Monetary Fund, which had trimmed its growth forecasts for 2019 and 2020 to 2.9 per cent and 3.3 per cent overnight, in light of a global economic outlook which ?remains sluggish?.

Source: Business Times Breaking News

Source and recommended reads :

https://sginvestors.io/market/sgx-share-price-performance/straits-times-index-constituents
https://sginvestors.io/market/sgx-breakout-price-3-month-high-volume-above-average
https://sginvestors.io/market/sgx-breakout-price-3-month-low-volume-above-average
https://www.investingnote.com/posts/1798404

Singapore business news

https://www.businesstimes.com.sg/stocks
https://www.straitstimes.com/business/companies-markets
https://www.theedgesingapore.com/

US Indices & stocks performance

https://www.investing.com/indices/

https://money.cnn.com/data/fear-and-greed/

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