Traders Edge : Monday 22 February

Stocks on Wall Street closed near break-even on Friday as investors sold technology shares that have rallied through the pandemic and rotated into cyclical stocks set to benefit from pent-up demand once the coronavirus pandemic is subdued.


China’s blue-chip index recouped earlier losses to end higher on Friday, helped by gains in infrastructure and securities stocks, though it posted weekly losses on investor concerns over policy tightening and lofty valuations.

The blue-chip CS 300 index edged up 0.2 per cent to 5,778.84, while the Shanghai Composite ndex added 0.6 per cent to 3,696.17.

Hong Kong shares ended higher on Friday to deliver the third weekly gain, underpinned by materials stocks, as investors cheered data from major economies pointing to a global economic recovery from the COV D-19 pandemic fallout.

The Hang Seng index ended 0.2 per cent firmer at 30,644.73, while the China Enterprises ndex gained 0.5 per cent to 12,106.77 points.

Around the region, MSC ‘s Asia ex-Japan stock index was weaker by 1.22 per cent, while Japan’s Nikkei index closed down 0.72 per cent.


Euro zone shares rose on Friday, marking a third week of gains, as data showed factory activity in February jumped to a three-year high, while upbeat quarterly earnings boosted confidence in a broader economic recovery.


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