Dear readers, for the week ended 22 May 2020, there are eight oversold Straits Times Index (STI) stocks. This number of oversold STI stocks is the greatest to-date in a week among my weekly scanning of oversold Straits Times stocks.
The eight oversold Straits Times Index (STI) stocks are:
HongKong Land stock
OCBC stock
SATS stock
SIA stock
Singtel stock
ST Engineering stock
Thai Beverages stock
UOB stock
I would just want to touch on a few of the oversold STI stocks below.
HongKong Land stock faced an aggressive sell down of 6.9% yesterday on the back of China’s move to introduce a security law for Hong Kong.
The two airline-related stocks SIA stock and SATS stock were also oversold. In the near-term, the aviation industry outlook, on the back of the Covid-19 looks bleak. Similarly, I believe any significant upside for airline related stocks is going to be challenging.
OCBC and UOB are two of the three largest banking counters here that are currently oversold. In terms of oversold level, these two banks are just at the tip of the oversold level (Relative Strength Index of 30). Will DBS stock be similarly oversold in the days to come?
With US-China trade tensions seems to re-emerge and the Covid-19 pandemic seems not fully resolved, I believe market corrections next are on the card.
That’s it for my insights today. I Thank you once again for your support of SG STOCKS INVESTING, your Money and Lifestyle magazine! Connect with me here to follow the daily exciting and useful posts on these two blogs, Thank You for your support!
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