The SEMDEX turned bearish today, shedding 0.2% to 2,158.20 and ending its 13-day rally led by MCBG.
Several index heavyweights recorded losses, with MCBG declining 0.3% to close at MUR 377.75 on 11.1k shares traded, and SBMH falling 0.8% to MUR 4.96 on 2.1 million shares traded, marking its second consecutive day of decline. Additionally, conglomerate IBL saw a decrease of 0.7% to MUR 43.00.
Meanwhile, AFREXIM notablysurged 20% to USD 3.36 on low volumes.
In a communique, the SEM announced updates to the constituents of the SEM-10 index for Q2. Among the key changes, SUN transitions from the reserve list to being promoted to the SEM-10, while LUX moves in the opposite direction. Additionally, GRIT exits the reserve list, replaced by MEDINE.
International Markets
The DOW JONES and S&P 500 closed lower on Monday, the first trading session of Q2, as investors reacted to the release of key PCE inflation data on Friday, This decline extended to small-caps, which experienced a steeper drop of 1.0%.
European markets remain closed on Monday in observance of Easter Monday.
China’s CSI 300 gained on Monday as investors evaluated positive business activity data. The Caixin manufacturing PMI rose to 51.1 in March, exceeding analyst expectations and indicating a fifth consecutive month of expansion.
Japanese stocks tumbled on Monday after the Bank of Japan's Tankan survey revealed a decline in business confidence among major manufacturers. The NIKKEI 225 fell 1.4%, with a broad sell-off impacting sectors like semiconductors and automobiles.
Regional Markets
Egyptian stocks staged a remarkable turnaround on Monday, reversing a four-day decline. The blue-chip EGX 30 surged 5.3%, with gains widespread across the index. Notable performers included Commercial International Bank (+6.5%), Talaat Mostafa (+6.5%), and E-Finance for Digital (+11.8%).
FX & Commodities
The Japanese Yen weakened versus the US dollar, but remained below the key level of 152. Finance Minister Shunichi Suzuki reiterated his warnings about rapid yen depreciation and did not rule out taking action to stabilize the currency.
Gold prices surged to a record high on Monday, amid growing expectations that the Fed could deliver its first interest rate cut in June.