๐ SGX declines the most in close to 2 years after yesterday's spike to new 3-year high
๐ SGX shares are down 6.3% to $11.06 this morning as of 902AM, a day after spiking 4.5% to $11.76 - its highest since July 2021.
โก๏ธ This morning's share price decline is its worst pullback in 23 months, with trading volume tripling the 20-day average shares for this time of the day.
๐ ๏ธ Technically, the relative strength index on the stock was above 70, indicating that the shares may be overbought, while Bloomberg reported that an analyst had downgraded their recommendation of the stock to underweight,
๐ Prior to this morning's pullback, the stock had been one of the top index performers on the STI with a 8.6% month-to-date gain. Macquarie's trending SGX call WJTW (https://warrants.com.sg/tools/warrantterms/WJTW) is up 61% to $0.066 on the back of SGX's month-to-date move, while trending put warrant FQTW (https://warrants.com.sg/tools/warrantterms/FQTW) had been down 39.5% to $0.023,
๐ฆ SGX is a beneficiary of the increased market volatility, with securities and derivatives turnover headed higher in months like August, and which may see another uplift ahead of US elections in November.
๐ The stock trades at a lower price-earnings ratio of 19.75 times, compared to its global peers at around 23 times.
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The official account of Macquarie Warrants Singapore
Macquarie Warrants Singapore is an issuer and market-maker in Macquarie warrants listed on the SGX.
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