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ASIAN stocks tumbled further on Friday as a coronavirus-induced recession gains steam, and fears mount over whether support measures by governments globally are adequate to stem the decline.
ReplyDeleteThis comes after key Wall Street benchmarks on Thursday plummeted and registered their worst single-day drops since the "Black Monday" stock market crash of 1987.
Following an announcement by the World Health Organization labelling Covid-19 a pandemic and the US move to temporarily halt travel from Europe - with the exception of the UK - for 30 days, the Dow Jones Industrial Average slumped 10 per cent, the S&P 500 skidded 9.5 per cent, and the Nasdaq Composite Index shed 9.4 per cent.
In Europe, London's FTSE 100 nosedived by 10.8 per cent, its worst drop since 1987, while Germany's DAX 30 had its largest intraday fall since 1989.
The MSCI All-Country World Index is now down by more than 25 per cent this year. Even safe-havens such as gold were trading lower as frantic investors moved to cover margin losses.
Bitcoin was down 48% from 24 hours before at 10:24 a.m. Singapore time at $4,001.60, according to data from Coindesk.
ReplyDeleteThe market capitalization, or total value of the entire cryptocurrency market, plummeted around $93.5 billion in the space of 24 hours as of 10:07 a.m. Singapore time, according to data from Coinmarketcap.com.
The fall in cryptocurrency markets comes amid a broader sell-off in equities as governments continue to grapple with the new coronavirus which is spreading rapidly across the world.
SINGAPORE equities resumed trading on Friday afternoon, recovering some of the early-session losses after the global stock rout amid growing worries over the virus outbreak's economic fallout.
ReplyDeleteSentiment has improved slightly after the Bank of Japan rolled out an unscheduled 200 billion yen (S$2.67 billion) bond-buying plan along with a liquidity injection.
The Straits Times Index (STI), which fell more than 6 per cent in the early minutes of Friday's session, was down 66.64 points or 2.5 per cent to 2,612.00 as at 1.04pm. The STI's 5 per cent drop at the commencement of Friday trading was its largest decline at the open since October 2008.
Shortly after the afternoon session began, volume traded on the Singapore bourse clocked in at 1.38 billion securities with a total turnover of S$1.55 billion. Both volume and turnover have already exceeded their respective 2019 intraday averages.
The STI's 5 per cent drop at the commencement of Friday trading was its largest decline at the open since October 2008.
DeleteBuy when there's blood on the streets ... even when the blood is yours 😛
ReplyDeleteLikely some more bloodletting over next 2 months though, so don't donate all your spare blood yet! 😂
Am expecting a strong convincing bounce in between, maybe +10% or more.
Stocks soared Friday as Wall Street rebounded from the sharp losses suffered in the previous session — the worst since the “Black Monday” market crash in 1987.
ReplyDeleteThe Dow Jones Industrial Average closed 1,985 points higher, or 9.4%, at 23,185.62. Friday marked the Dow’s biggest-ever point gain. The S&P 500 climbed 9.2% to 2,711.02 while the Nasdaq Composite surged 9.3% to 7,874.23. The averages posted their biggest one-day gain since October 2008.