Index Roundup – FTSE 100 Ends Week Strong, As Hang Seng and SSE Lead The Week

The FTSE 100 ended the week on an upbeat note, with gains of 0.43% on the day buoyed in part by Prudential’s (LON: PRU) promising expansion news and a surge in Chinese equities inspired by new governmental economic stimulus initiatives.

Prudential, a financial services giant, witnessed its added 2.7% to 700p following the announcement of a strategic partnership with Indonesian bank Bank Syariah Indonesia (BSI). This move signified a solidifying of Prudential’s foothold in the Indonesian market, an essential part of its growth strategy in Asia and helped the UK blue chip index to 1.1% on the week.

Looking at the 12 month chart below, and it is clear to see that the FTSE seems to be trading in a channel, or a bull flag with the range of 8,100 to 8,400 proving stubborn to shake for bulls or bears. Where some of it’s US counterparts such as the S&P 500 and the Nasdaq 100 are firmly above 20% on the YTD, the FTSE 100 has trailed, delivering gains of 7.76% so far this year.

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Further East, Chinese equities celebrated their best performing week in over a decade. The Hang Seng Index in Hong Kong soared, ending the week 13.13% higher. On the day China disclosed additional economic support measures, the index additionally rose by 3.55%.

The Shanghai Composite index also had a week to remember, rallying by an impressive 12.87%, supported by a 2.88% increase on the day. These gains in the Chinese market came after the government presented further stimulus measures, seen by many investors as a sign of commitment to stabilizing the market and bolstering the economy amidst global economic challenges.

Whilst FTSE 100’s performance this past week are a positive, markets in Asia have most certainly led the way. It illustrates how corporate decisions, in tandem with government economic policies, particularly in vast markets like China, can have ripple effects across global financial landscapes.