Play on banks overshadows Shanghai-HK connect, news of Japan recession
TO an observer who doesn't look beyond the Straits Times Index when gauging the health of the market, the conclusion would be that this has been a strong week for stocks, especially given the concerns that liquidity and interest could have been diverted away from Singapore northwards following the launch of the Shanghai-Hong Kong Stock Connect.
To the more discerning observer, however, the only distinguishing feature of the past five days was the sudden play on the banks which drove the gains in the STI, almost to the exclusion of all other sectors.
As for Shanghai-HK, it had virtually no impact on liquidity here, with daily volume continuing to hover around the S$1 billion mark. Similarly, shock news that Japan has slipped into a technical recession had only temporary impact, overshadowed by the rush to play the banks.
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