Week in review: Hang Seng, Nikkei 225 and Straits Times Index

All three benchmarks finished what was a see-saw week 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.

Top-performing stocks on the Hang Seng index on Friday were: Chinese offshore oil company CNOOC (+0.83%); UK bank HSBC Holdings (HK) (+0.13%); and the Hong Kong Exchanges and Clearing (+0.25%).

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.

Top-performing stocks on the Nikkei 225 index on Friday were: internet company Yahoo Japan (+3.84%); optical group Olympus Corporation (+3.50%); and Takeda Pharmaceutical (+2.51%).

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.

IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.

Please see important Research Disclaimer.

Take a position on indices

Deal on the world’s major stock indices today.

  • Trade the lowest Wall Street spreads on the market
  • 1-point spread on the FTSE 100 and Germany 40
  • The only provider to offer 24-hour pricing

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
liveprices.javascriptrequired
liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.