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ASX 200 EDGES DOWN ON HONG KONG UNREST -

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    • ASX 200 EDGES DOWN ON HONG KONG UNREST
27-May
22:34 IST

ASX 200 futures are currently trading at 5806-higher by 0.94% as compared to the previous closing. The contract closed in the positive territory in the last trading session also.

In the Cash Markets, the ASX 200 edged down 0.087% today to close at 5,775.00. The index gained 1% during the session. Selling in the last 15 minutes wiped out the gains from the index.

The ASX 200 edged down today as escalating tensions in Hong Kong over China’s proposed security law offset gains in bank shares and reduced expectations of a global economic recovery.

Losses in the index were capped as several nations re-opening for business increased hopes that the battered global economy could still be on the way to recovery.

Financial shares which have high weightage in the index were the top performers today, gaining 5.3%. Financial shares also touched their highest level since 16th March. Shares rose today after investment bank UBS said the sector would benefit from a rapid economic recovery.

Commonwealth Bank of Australia and Australia & New Zealand Banking Group added 4.88% and 8.2% respectively today.

Stocks of National Australia Bank rose more than 7% as it increased the size of its stock sale by A$750 million.

On the other and, index component Afterpay posted its worst session since 23rd March, falling 7.86%. Buy-now-pay-later firm’s stocks dropped as traders booked profits after a five-day rally.

On the data front, Construction Work Done (QoQ) in Australia for the first quarter released earlier today came in at -1.0%. The index change was better-than-the consensus estimates of a fall of 1.5%.

On the technical front, the RSI is currently at 70.15% and suggests that the market can move in the downward direction. The current price is above the MA5. The current price is above the upper band of the Bollinger bands but is heading downwards.

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

 

Trade Suggestion-Limit Sell At 5810 Take Profit At 5740 Stop Loss At 5840

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