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Weekly Wrap Content
for the week of Mar 29:
1. Week
13 major indexes performance;
2.
Week 13 US sector indexes performance;
3.
Major indexes weekly charts of support and resistance levels;
U.S.
For the week
ended Mar 29, U.S. three major indexes advanced over the shortened trading week
to end a quarter of strong gains. The S&P 500 Index recorded new closing
and intraday highs to end the week. As most central banks are eyeing the start
of rate cuts in the months ahead, investors are hoping for a soft landing for
the rally to continue. Markets were closed on Friday in observance of the Good
Friday holiday. Refer to major indexes’ weekly performance table below.
1. Market activity was generally subdued ahead of the holiday weekend, although volumes were expected to pick up to some degree as pension funds and other institutional investors rebalanced portfolios ahead of the quarter’s end.
2. Collapse of the Francis Scott Key Bridge in Baltimore on Tuesday morning cut off shipping access to the Port of Baltimore, one of the nation’s largest ports and its primary port for car and truck shipments. Economic implications of Baltimore port closure is yet to be known.
3. Personal Consumption Expenditures (PCE) price index, which is considered the Federal Reserve's preferred gauge of inflation, PCE latest reading for Feb released on Friday was in line with forecast.
SPX
sectors in play
For the
week, nine out of 11 sectors in the SPX closed with weekly gains. Small-caps
also easily outperformed large-caps, and the Russell 1000 Value Index gained
1.79%, in contrast with the 0.60% decline in its growth counterpart. Communication
services(XLC) and technology(XLK) shares underperformed, as the mega-cap technology
stocks led by NVDA, AAPL, NFLX and META declined. Utilities(XLU) and Financials( XLF)
outperformed. Refer to below SPX sectors ETF weekly performance table.
All the three indexes rise to their monthly new records. Click below three indexes for their
weekly charts.
China/HK
China equities declined for the week as concerns about the
continuing property sector downturn weighed on investor confidence. The
Shanghai Composite Index(SSE) declined 0.23%, while the blue chip CSI 300 gave
up 0.21%. In Hong Kong, the benchmark Hang Seng Index edged up 0.25%. (Refer to
the above weekly performance table).
Key highlights for the week and outlook
for China/HK:
1. Chinese Premier Li Qiang told participants at the China Development Forum, an annual summit for global business leaders, that the country is open to foreign investment. Premier Li also pledged that the government will step up measures to support growth in several sectors, including biological manufacturing, artificial intelligence, and the data economy. Speaking at the same event, International Monetary Fund Managing Director Kristalina Georgieva said that China’s economy could expand a further 20% over the next 15 years if it conducts pro-market reforms.
2. Profits at industrial firms surged 10.2% in the January to February period from a year ago and recovered from a 2.3% decline in 2023, according to the National Bureau of Statistics, aided by policy support and increased overseas demand.
Hang Seng Index stocks top weekly gains: China Hongqiao(1378) +3.59%;
Shenzhou(2313) +16.33%;
Hang Seng Index stocks top weekly losers: China Mengniu(2319) -13.93%;
Sunny Optical(2382) -8.58%
Click below title to view weekly charts.
Singapore
STI index rose for 4th consecutive week, gained 0.19%
this week. It tested major resistance at 3250 level on Wednesday and retreated Thursday
by profit-taking ahead of long weekends holiday. For the month of Mar, the
index added 2.62%.
Top weekly gains: SATS +3.59%; YZJ Ship +2.69%;
Top weekly losers: HKLand -1.92%; CLI -1.83%
Source: Some
contents and data excerpted from various public market reports.
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