Nikkei closed -10.55%, SSE closed -1.41% and HSI closed -2.86% while other regional markets all fell at least 2.0% on fear of Japan nuclear plants radiation leak.
Since last Saturday till now, there were explosion in the reactor unit 1,2 and 3 while the 4th reactor unit experienced fire broke out this morning but that was put out. Furthermore, radiation higher than normal was detected around the nuclear plants region. There was also talk about possibility that within 10 hours the radiation will travel to Tokyo due to the wind blow from the nuclear plants. All these have caused fear and panic resulting in Asian markets plunging today. European markets which just opened were not spared as all down average 2%.
At the moment, markets are focusing on the radiation issue in Japan and hence making the markets very volatile.
For short-term players, advise is to stay sideline until stability is returned to the market.
For long-term investors, can slowly accumulate quality stocks in particular those which only have business localized to Singapore.
STI at the moment hit intra-day low of 2,932, 12-points above the 2,920 region boundary.
