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

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.

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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%).

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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%).

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