Since Thursday, STI opened tried to move higher but close lower, the following day STI extend losses of 16.95 points to close at 3153.73. If the bearish momentum gets to follow through, it is likely to gap down to test 3100 level tomorrow.
Possibly even testing 3075 level, the last bottom low level.
(You may noticed that after 3 attempts to close inside the buy-zone on Tue, Wed and Thu, Friday just extend loses).
3,153.730 -16.95 (-0.53%)
| |||
Singapore shares continue fall on Friday, down 2.7% on the week
31 Jan 2020 18:33
By Navin Sregantan
THE progress of the Wuhan coronavirus was the front and centre of the minds of investors this week. Given the virus has spread more rapidly than Sars while still at an early stage, it is unlikely to be on the back burner anytime soon.
On Friday, Singapore's Straits Times Index (STI) managed to register gains shortly after the opening bell, thanks to a positive Thursday session on Wall Street.
However, the early advance was quickly erased as investors preferred to focus on the rising death toll and number of infection cases from the virus, instead of the World Health Organization saying a worst-case scenario was off the table.
The STI finished at 3,153.73, down 16.95 points or 0.5 per cent. On the week, the blue-chip index lost 86.29 points or 2.7 per cent from Jan 24's close of 3,240.02.
Elsewhere in the Asia-Pacific, the picture was mixed. Australia, Japan and Taiwan notched up gains. On the other hand, Hong Kong, Malaysia and South Korea ended lower.
Fundamentally speaking, Asian economies continue to show recovery. Economic data releases for December from China, Japan and South Korea have at least met expectations or beaten them. However, concerns over the spread of the Wuhan virus could derail recent progress.
"The Wuhan virus has obviously thrown a massive spanner in the works of that recovery picture. How long the virus hangs around will dictate how big that spanner in the economic cycle will be," Oanda's Asia-Pacific senior market analyst Jeffrey Halley said.
Trading volume in Singapore was 1.99 billion securities, 68 per cent more than the 2019 daily average. Total turnover was S$1.59 billion, 50 per cent over last year's intraday mean.
Decliners outpaced advancers 265 to 164, with 14 of the benchmark's 30 counters ending in the red.
For much of the week, medical groups and rubber glove makers were the favourites of traders looking to make contra gains. For many of such counters, the bull run lasted until Wednesday before sharp declines, resulting in wild share price swings.
Medtecs International was one such counter. On Friday, the medical consumables manufacturer shed 6.1 Singapore cents or 35.3 per cent to 11.2 cents with 217.6 million shares traded. It was the Singapore bourse's most active counter for three out of four trading days this week. Its shares closed as high as 19.6 cents this week, more than five times higher than 2019's closing price of 3.9 cents.
The local market's tourism and leisure-related plays took a beating this week, including Singapore Airlines (SIA). It managed to turn a slight gain to close at S$8.55, up S$0.01 or 0.1 per cent after closing at a 10-year low on Thursday.
SIA, along with Silkair and Scoot, said on Friday they will cut capacity into China after demand was hit by virus concerns. The national carrier also signed a partnership with Japan's All Nippon Airways to boost the Singapore and Japan air hubs and improve flight connectivity for passengers.
Among property trusts that posted earnings for the September-to-December quarter, Ascendas India Trust units fell S$0.03 or 1.9 per cent to S$1.58 after posting a 4 per cent rise in Q3 distribution per unit to 2.12 cents.
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-averagehttps://www.investingnote.com/posts/1809889
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-averagehttps://www.investingnote.com/posts/1809889
Singapore business news
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
No comments:
Post a Comment