Time to add and hunt for more Singapore stocks (19Mar2022)

Time to add and hunt for more Singapore stocks (19Mar2022)
Photo by Hans Eiskonen / Unsplash

After taking painful batterings for the past few weeks since the outbreak in the Russia-Ukraine war, this week was a strong week for stock markets all over the world.

What I like about the momentum is how the market rallied despite bad news with the U.S raising interest rates, lockdowns in China and Hong Kong due to worsening Covid-19 conditions and the ongoing war in Europe. The turning point in China/HK came when Beijing voiced support for the markets. Unfortunately, I do not feel that China/HK stock markets have recovered enough to resume buying their stocks, given how badly they were beaten down. I will wait a little longer. On the other hand, the Singapore stock market has shown resilience during the downturn in recent weeks. As a momentum trader, I will add more Singapore stocks going forward.

Best stock indices year-to-date 

Straits Times Index has again taken the crown as the leading Asian stock index performer of 2022 after losing to Indonesia Jakarta composite index for a period of time during the recent downturn.

Worst stock indices year-to-date

China/HK stock indices appear among the worst stock indices year-to-date.

Broad market statistics 

Broad market statistics for China/HK markets are still weak.

From the numbers, I will adopt a wait-and-see approach on the China/HK markets.

Another reason I am confident in the Singapore market is the resilience of my Singapore stock portfolio during the recent downdraft. Some of the palm-oil counters like Bumitama-Agri and Golden-Agri did fine. The biggest winner was RH Petrogas but it is no longer safe to chase this stock after the run-up.

This week, I added positions to the ex blue-chips like Sembcorp Marine, Keppel Corp, Jardine Cycle and Carriage.

If the momentum continues,  I will be buying more Singapore stocks.

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