Wednesday, October 15, 2008

Guarantee on Singapore Deposits?

MAS is still deciding on whether to guarantee all deposits in Singapore as Hong Hong has already done so. In my opinion, since MAS is very confident that Singapore banks have sound fundamentals, they should follow suit. If not they might actually lose the money of the high net worth people to Hong Kong....UNLESS there is something that they are not telling us, but i frankly doubt so....All this in in turn will strengthen Singapore's presence as a financial hub, and might actually give us a boost in our economy for the upcoming year, as regional funds managers/investors will flock to Singapore.

Back to the charts, US market doesn't look too good at the moment. Its currently 8960, 350 points (3.76%) down from yesterday. If this keeps up till the end of their day, the TA on them will turn bearish, which might in turn affect the Singapore market. However based solely the TA off the Singapore market, there is still no distinct short term downward trend yet.

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