HK indices rear bear head today. Market action (9 Sep 2021, Thurs)
SG(risk-off) HK(risk-on) CN(risk-on)
| Stock index | Daily change |
|---|---|
| Hang Seng Index | -2.30% |
| Straits Times Index | 0.09% |
| CSI 300 Index | -0.04% |
| ASX 200 | -1.90% |
| Nikkei 225 | -0.57% |
Hong Kong indices look ugly today. Hang Seng Index(HSI) made a bad reversal today, with yesterday touching 50-day moving average and today closing down -2.3% near the low in higher volume than day before. Hang Seng Tech(HSTECH) index showed the same behavior as HSI. What's worse about HSTECH was that the drop was even more painful. HSTECH plunged -4.52% today.
My position in HSI ETF 2800.HK which was bought 3 days ago is now suffering a loss. I trimmed the position as I do not like quick and big reversals so soon after purchase.
However, despite the carnage in the HK indices today, my HK portfolio showed a satisfactory gain, thanks to a > 7.5% surge in a penny stock I bought yesterday. The positive HK portfolio performance is a positive sign that the HK market is not as bad as the indices indicate.
Action for HK market (risk-on):
- Look actively for buying opportunities to place on watchlist.
- Halt buying until the indices show some improvement.
Today, my Singapore portfolio suffered damage largely caused by the large price drop -5.33% in Aims Apac REIT. Aims REIT was one of the bigger positions in my SG portfolio. I had a profitable ride in it for several months and collected some dividends along the way. The past 2 days were 2 consecutive days of unusual price drop in magnitude and volume. Today, I took profits and say goodbye to Aims REIT.
Action for Singapore market (risk-off)
- Get the stops ready and sell remaining stocks in portfolio on weakness.
China indices showed some resilience today amidst the carnage in the tech stocks. Unfortunately, China portfolio closed with a small loss today but this is expected after the gains in the past several days. China portfolio is now the biggest among the 3 portfolios (China, HK, SG).
Action for China market (risk-on):
- Look actively for buying opportunities.
- Buy when good stocks appear on watchlist and price is within buy range.
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