Tuesday, February 22, 2011


Mid-Day: STI down 1.4% at 3028.64 midday, in a broad-based sell off with almost 12 decliners per gainer in the broad market and 1.04bshares traded worth $816m. Regional markets are sharply lower, with Hong Kong's closely watched HSI down 1.9%, after a selloff in Europe Mon amid turmoil in Libya and civil unrest across the Arab world…..

The negative sentiment has taken the STI below widely-touted support at 3050, and analysts now expect the psychological 3000 to provide some respite, with 2950 below there. Counters with perceived exposure to political risk are suffering; Hyflux, which is bidding for projects in Libya, slumps 6.7%. Boustead, which has evacuated its staff from the troubled country, is down 5.4% at $0.965, and GMG Global with Ivory Coast operations, is off 3.5% at $0.280.

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