EWS is also damaged on a technical basis. The ETF has not traded above its 50-day moving average since November and has not closed about its 200-day line since December. In another bearish sign, the 50-day line crossed below the 200-day line earlier this year.
Although Singapore is one of a dwindling number of nations to sport an AAA credit rating, foreign investors have pulled money from the market this year and one market observer told Bloomberg that he does not “see the bottom for Singapore happening any time soon.”
iShares MSCI Singapore ETF
ETF Trends editorial team contributed to this post.