This is a terrible week for stock markets all over the world. It seems like they are "celebrating" Chinese New Year one week in advance. Red red red everywhere. Hong Kong was the only major market which remained green this week. Hang Seng Index rose 2.39% this week. This is the only good news after last week's positive call on Hong Kong's stock market.
Most of the major stock indices are in the red year-to-date. Hang Seng Index and Straits Times Index are out-performers in 2022 year-to-date. Unfortunately, these are small markets. It is unlikely they can remain strong when the giant markets U.S and China are crumbling.
Indeed, look at the weakness as indicated by the percentage of stocks below key moving averages in the broader markets of Singapore and Hong Kong. It is still a hostile environment to buy individual stocks in these markets, unless you are an astute stock picker.
Certainly not yet time to buy stocks aggressively yet.
Nasdaq100, which had been the champion stock index in the past several years, is now down 11.53% for 2022 and the month of January is not yet over. When a market leader is down so much so fast, it is a worrying sign for what holds for the rest.
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