A year ago, I blogged about the trend that the stock market usually experiences a crash whenever the year ends with 7 (see Another Year That Ends with 7). As it turns out, not only did the stock market not crash, it rose significantly. The STI rose from 2,880.76 to 3,402.92 for a 18% gain!
So what happened? Instead of lacklustre growth like the years before it, the global economy in 2017 staged a synchronised recovery. Locally, the government relaxed property cooling measures and both banks and property developers gained. The strong growth caught many people by surprise, including myself. So, what do I still think about the folklore that the market usually experiences a crash whenever the year ends with 7?
A year ago, as mentioned in my post, I had experienced the crash of 1987, 1997 and 2007, so it is a folklore …