Dear readers, currently one of the Straits Times Index (STI) Exchange Traded Fund (ETF) is oversold.
The SPDR Straits Times Index (STI) ETF (ES3) is now trading at a Price-to-Book ratio of 0.86 and with a Distribution Yield of 4.73%. In terms of Price-to-Earnings ratio, the ETF is trading at a ratio of 8.63. The ETF is currently not oversold though the Relative Strength Index is now sloping down toward the oversold region.
The Straits Times Index closed on 22 May 2020 at 2,499.83. I have a near-term support target of 2,000 for the Straits Times Index, this translates into a 20% southing of the current Singapore stocks market level.
Hence, although the STI ETF does indeed look attractive now, I believe there will be more opportunities in buying the ETF and some other STI constituent stocks when the stocks markets correct next.
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