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ASX 200 DROPS ON INCREASING CONCERNS OVER SECOND CORONAVIRUS WAVE -

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    • ASX 200 DROPS ON INCREASING CONCERNS OVER SECOND CORONAVIRUS WAVE
12-May
22:03 IST

ASX 200 futures are currently trading at 5422-lower by 0.71% as compared to the previous closing. The contract closed in the positive territory in the last trading session.

In the Cash Markets, the ASX 200 dropped 1.07% today to close at 5,403.00. The index fell today on concerns over the second wave of virus infections in many countries and a partial ban by China on Australian beef imports.

Germany and France, which have begun easing virus-led restrictions, saw a rise in new infections.

China’s city Wuhan reported five new coronavirus cases on the previous day.

This comes as Australia readies to partially open up public places in New South Wales.

Consumer Staples and Healthcare are the only sectors that ended higher today.

Index heavyweights Rio Tinto and BHP Group dropped 1.65% and 2.63% respectively on Tuesday.

NAB’s index of business conditions fell deeper into negative territory in the last month as sales and employment were hit by the lockdown.

The market sentiment was also dampened after a ban on beef imports from 4 large country’s meat processors by China.

Financial shares which have high weightage in the index closed lower on Tuesday. Commonwealth Bank of Australia and National Australia Bank fell 0.71% and 2.88% respectively today.

The Australian Healthcare index bucked a broader trend to gain on Tuesday. Resmed Inc. and CSL Ltd advanced 5.2% and 1.81% respectively today.

A weaker local currency also supported healthcare stocks on Tuesday.

On the economic front, NAB Business Confidence for April released earlier today came in at -46. Business Confidence was the better-than-the market expectation of -75.

On the technical front, the RSI is currently at 53.07% and suggests that the market can move in the upward direction. The current price is above the MA20. The current price is above the middle line of the Bollinger bands and is heading upwards.

Overall Bias is Positive and Short-term trades can be initiated with below mentioned Stop Loss and Profit target.

 

Trade Suggestion-Limit Buy At 5415 Take Profit At 5485 Stop Loss At 5380

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