Week in review: Hang Seng, Nikkei 225 and Straits Times Index
The HSI index, Nikkei 225 and STI index finished a see-saw week dominated by oil and coronavirus headlines with small gains.
Hang Seng Index: +0.40%
Hong Kong equity benchmark Hang Seng Index was able to rebound on Friday 24 April 2020 – despite an overnight decline of 1.9%, with the index closing the day slightly higher by 0.40%, as oil prices continued to recover.
On Thursday 23 April 2020 at 22:30 SGT, the index was able to rally above 24200 and break through a two-day resistance mark of 24050 – its pre-oil price crash level.
However, that proved to be a brief respite for the Hang Seng, plunging over 450 points by Friday morning, following reports that Gilead Sciences’s closely-watched coronavirus drug remdesivir failed to produce positive results in a test of 19 Chinese patients with severe Covid-19 symptoms.
Based on IG’s after-hours weekend trading data, the Weekend Hang Seng index is trying to find support above 23900 as at 18:00 SGT.
IG offers weekend trading options for the Hang Seng Index and other major indices. Buy long or sell short on the Weekend Hang Seng Index over the weekend via CFDs and other instruments provided by IG's market-leading trading solution.
Nikkei 225 Index: +0.21%
Japan’s main stock index Nikkei 225 also concluded what was a week full of ups and downs on an optimistic note, increasing 40 points on Friday.
As oil prices collapsed on Tuesday 21 April 2020, the Nikkei index – like all other stock benchmarks and markets – also followed suit, descending to a three-week low of 18833.6.
Spot US crude fell to -US$37 per barrel on Wednesday, as oil producers were forced to pay traders to buy oil from them due to storage space shortage in the face of the current coronavirus demand wipe-out.
IG’s oil futures prices also reflected the commodity market’s bearishness, with WTI crude and Brent crude futures each plummeting as much as 55.83% and 20.05%.
The Nikkei 225 index has since managed to recover above 19600, although it currently sits around 19233 as at 16:30 SGT on Friday.
With CFDs, you can buy long or sell short on Nikkei 225 and Hang Seng index shares, depending on whether you think prices will rise or fall. Start today by opening an account on IG's world-leading trading platform.
Straits Times Index: +0.33%
Singapore benchmark Straits Times Index (STI) experienced the steepest overnight decline coming into Friday’s session, upon reports of the failed coronavirus drug trial.
The STI index lost nearly 3% in value in the wee hours of Friday morning, even dropping below Wednesday’s oil-caused trough of 2500.
Singapore oil trading company Hin Leong Trading’s recent debt moratorium filing on 17 April – in which it was revealed the company has over S$3.5 billion in debts outstanding, including over S$600 million to Singapore banks, has also had an impact on the index this week.
Energy group Sembcorp Industries's share price, for example, rose 2.7% after it announced on Wednesday 22 April 2020 that it had terminated a long-standing gasoil supply and storage agreement with Hin Leong.
Top-performing stocks on the Straits Times Index on Friday were: media company Singapore Press Holdings (+2.84%); food and beverage group Thai Beverage (+2.21%); and marine and property conglomerate Keppel Corporation (+1.43%).
Are you bullish or bearish on the Straits Times Index and other indices? Either way, you can buy long or sell short on the STI index, Nikkei 225 and more using CFDs and other instruments offered on IG's world-leading trading platform. Start today by opening an IG account.
What is weekend trading?
Weekend trading gives you access to forex, indices (such as the Weekend Hang Seng Index) and cryptocurrency markets on a Saturday and Sunday. So, if news breaks about the ongoing coronavirus pandemic – or central bank measures to ease the strain on global markets are announced – you no longer need to wait until markets open on Monday to trade.
The weekend prices for indices and forex are quoted separately to their weekday counterparts, based on our view of the prospects for that market given client business and news flow. As a result, you can use these markets to hedge against risk on your weekday positions. Weekend indices and forex positions will rollover into regular weekday positions if they are kept open after the Sunday close, with any stops or limits remaining in place.
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
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