Wednesday, January 8, 2020

STI gap down 36.58 points to open at 3211.28. It then dive anothe 17.97 points lower to reach day low of 3193.31. It did a super v-shape recovery to par a loss of 54.55points to close just 1.97points lower at 3245.89. Wor...

On the chart, STI opened below its parallel channel bottom but cpar significant loss to close on its mid-line.

STRAITS TIMES   3,245.890   -1.97 (-0.06%)
Prev : 3,247.860	High : 3,245.890	Low 3,193.310	Open 3,211.280

Singapore shares stage recovery, dip 0.1% on Wednesday

08 Jan 2020 18:25

By Navin Sregantan

IRAN'S early Wednesday attack on two US bases in Iraq came as a surprise to investors, most of whom expected a covert response from Tehran.

Understandably, the revenge plot for last Friday's Pentagon-led airstrike that killed top Iranian general Qasem Soleimani sent Asian equity markets diving in early trading but they managed to stage a recovery after Iran said it does not seek escalation or war but will defend itself against aggression.

AxiTrader chief Asia market strategist Stephen Innes observed that equity markets in the region reversed the effects of the early knee-jerk reaction mainly due to the lack of an immediate US retaliation.

The local benchmark Straits Times Index (STI) fell by as much as 1.3 per cent shortly after trading commenced before recouping most of those losses as fears eased to end the session at 3,245.89, down 1.97 points or 0.06 per cent.

One dealer told The Business Times that orders came flowing in on the opportunity to buy on the dip. "Pockets of opportunities for bargain hunting were appearing," he said.

Trading volume clocked in at 2.12 billion securities, 78 per cent over the daily average in the first 11 months of 2019. Total turnover came in at a muted S$1.71 billion, 60 per cent more than last year's January-to-November daily average.

Across the market, decliners trumped advancers 295 to 151. Twelve of the benchmark's 30 counters ended in the red.

Yangzijiang Shipbuilding was the STI's most actively traded counter. Shares in China's largest non-state shipbuilder fell S$0.03 or 2.5 per cent to S$1.16 with 47.4 million shares changing hands.

Following the post-opening sell-off, the local lenders ended up mixed. DBS Group Holdings dropped S$0.32 or 1.2 per cent to S$25.73. The other two lenders did better. OCBC Bank edged up S$0.01 or 0.1 per cent to S$11.01 while United Overseas Bank finished at S$26.72, up S$0.02 or 0.1 per cent.

With gold cracking US$1,600 per ounce during the session, plays related to the yellow metal continued to garner interest. CNMC Goldmine added 0.5 Singapore cent or 1.8 per cent to S$0.285 with 5.6 million shares traded.

Meanwhile, the Singapore-listed SPDR Gold shares ETF, a gold-backed exchange-traded fund, saw its units gain US$1.66 or 1.1 per cent to US$149.03.

Elsewhere in the Asia-Pacific, Australia, China, Japan, Hong Kong, Malaysia, South Korea and Taiwan ended in the red but like the local benchmark, they clawed back early losses. Australia's benchmark ASX 200, with its wealth of energy and mining stocks, fared best of the group. It closed at 6,817.60, dipping by just 8.80 points or 0.1 per cent.

Even though sentiment has since improved, some degree of uncertainty remains.

Mr Innes said: "Let (Wednesday's) escalation remind everyone there is no free lunch and indeed never a one-way street when it comes to risk. Stocks tanked, yields plummeted, Gold rallied shortly afterward."

Source: Business Times Breaking News

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/1775378

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/

DISCLAIMER:

Hey,

All information updates, tables and charts are for informational purposes only; they are not intended for trading purposes or advice.

We do not and cannot guarantee the accuracy of the information. 

Please consult your broker or financial representative to verify pricing before executing any trade. 

We are not liable for any actions taken in reliance on information contained herein. 

With best regards, 

Martin