Covid variant Omnicron smashed global stock markets this week.
On Friday (26Nov2021) when this new variant was announced, almost all the Asian stock indices plunged big on high volume with the exceptions of China and Vietnam (Vietnam index is best performing Asian stock index in 2021 year-to-date).
U.S stock indices behaved in similar fashion with the small-cap stocks getting far more damaged than their big-cap counterparts.
The European stock indices fared the worst. Most of them gapped down, opened low and closed much lower at the day's low in high volume.
The table above shows where the stock indices fare with respect to the moving averages, sorted in descending order with respect to the 50-day moving average.
Hang Seng Index is the worst performer.
The China stock indices, Shenzhen and Shanghai composite index, are still surviving well, hovering above the 21-day, 50-day, 200-day moving averages. The big-cap U.S stock indices, Nasdaq100 and S&P500, are also still surviving at the moment. The rest of the world does not look good.
There is a sharp deterioration in the broad market in Singapore and Hong Kong stock markets. Both markets are in risk-off mode now.
I will start to trim down my Singapore portfolio as the market continues to weaken.
I mentioned last week that I have started buying China stocks. I continued to buy and bought more as the portfolio got more profitable. Although this was a bad week for global stock markets, individual Chinese stocks did not do too badly. This can be seen from the broad market statistics.
Some China stocks I bought in the past 2 weeks which performed well in the portfolio were 600580.SS (Wolong Electric Drive), 002180.SZ (Ninestar Ord), 603568.SS (Zhejiang Weiming Environment Protection).