Global stock markets exhibited mixed performance this week amid economic uncertainties and policy concerns. The S&P 500 inched higher adding 0.08% and rising into positive territory as the trading session drew to a close ending the week at 5,667.56. Japan’s Nikkei 225 slid 0.2%, Hong Kong’s Hang Seng Index declined 2.2% while the Kospi gained 0.2%.
Singapore Stock Highlights of the Week
STI Performance
The benchmark Straits Times Index (SGX: ^STI) ended the week 0.1% or 4.04 points lower at 3,926.45. This was despite the rise on Thursday (20 March) after the US Federal Reserve’s decision to hold off on interest-rate cuts on Wednesday.
ST Engineering (SGX: S63)
ST Engineering has been hitting year-to-date highs, reaching as high as $6.93 on Thursday. It erased some of that gain to close at $6.62 for the week.. The engineering and technology giant announced its five-year targets at its investor day on Tuesday (Mar 18) with plans to achieve a revenue of S$17 billion.
Yangzijiang Shipbuilding (Holdings) Ltd (SGX: BS6)
Shipbuilder Yangzijiang ended the week as the top gainer on the STI, rising 5.6% or S$0.13 to S$2.47.
US Markets: Markets close higher, breaking 4-week losing streak
US markets closed higher this week, ending its 4-week losing streak amidst fears over recession and trade policy uncertainties.
Friday 21 March was a “quadruple witching” day – when stock options, index futures, index options and single-stock futures expire, causing greater than usual trading volume.
The S&P 500 gained 0.5% over the week and the Dow Jones Industrial Average rose by 1.1%, while the Nasdaq Composite increased by 0.2%.
US Stock Highlights
Tesla (NASDAQ: TSLA)
Tesla heads into its ninth consecutive straight red-week as shares of the electric vehicle maker were down 1% on the week, the longest ever streak in the red. Tesla shares have tumbled more than 50% this year as CEO Elon Musk’s foray into politics worried investors.
Nike Inc (NYSE: NKE)
Shares of the athletic retailer ended Friday’s trading session down 5.5% following its earnings call. Nike warned that sales will drop by a double digit percentage in its current quarter as it contends with new tariffs, sliding consumer confidence and a slower than expected turnaround.
Boeing Co (NYSE: BA)
Boeing beats Lockheed Martin (NYSE: LMT) as it secures a contract to build the Pentagon’s next generation jet fighter. Its shares rose more than 4% on Friday. The news is a boost to Boeing’s money-losing defence business.
Which SGX companies will reach S$100 billion next? Our latest FREE report provides detailed financial analysis and growth prospects of 5 potential candidates. The results? Surprising. You’ll want to grab a copy now and see whether what everyone else says is true. Click here to download now.
Follow us on Facebook and Telegram for the latest investing news and analyses!
Disclosures: Joanna Sng of The Smart Investor owns shares in ST Engineering, DBS, OCBC and UOB.
