Singapore companies are already impacted by the Covid-19 outbreak. Many companies today have operations in China, and there are many China-based companies listed in Singapore.
In 2003, when China was the sixth-largest economy in the world, the Sars virus claimed 774 lives worldwide and shaved 0.5 to 1 percentage point off China's growth. This time, the impact may be more severe. The Chinese government injected 1.7 trillion yuan into its financial markets via reverse repos on Feb 3 and 4. The central bank, the People's Bank of China, has also set up a 300 billion yuan special re-lending fund. Money from the fund will be channelled via approved banks to key enterprises, which will receive loans at a rate of 100 basis points below the loan prime rate.It is important to take a step back and put the present situation in its proper perspective.
Faced with such volatility, what should investors do? In our view, the most important thing is not to panic. After the government raised the Dorscon level to orange, we have seen plenty of panic buying of food, face masks and medical supplies. There is worry that if the level is raised to red, then total chaos would reign.Trying to trade in such conditions and trying to time the market when the situation is fast evolving would not only require tremendous skill but also luck.
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