Short-term profit-taking likely on pre-emptive Phase Two measures: analysts

Vivienne Tay

Published Wed, May 5, 2021 · 01:42 PM

ANALYSTS are foreseeing a trend of profit-taking on the Singapore bourse as the Republic reinstates pre-emptive safety measures from May 8 to 30.

This comes amid a rise in Covid-19 community cases, including a cluster at Tan Tock Seng Hospital detected the past week.

The sell-off has already started, with Singapore shares swimming in a sea of red during the early morning trading session on Wednesday. As at the midday trading break, all index counters except Jardine Matheson Holdings were down.

When the market opened on Wednesday, decliners outnumbered gainers 98 to 30, or three down for every one up, a ratio not seen the past five days of trading - which has been largely even, according to a tally by The Business Ti…