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ASX 200 FALLS BELOW MA5 ON LOSSES IN FINANCIALS - Capital Street FX

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    • ASX 200 FALLS BELOW MA5 ON LOSSES IN FINANCIALS
12-Dec
19:07 IST

ASX 200 futures are currently trading at 6677-lower by 0.67% as compared to the previous closing. The contract, however, closed in the positive territory in the last trading session.

In the Cash Markets, the ASX 200 lost 0.65% to close at 6,708.80 on Thursday. The index ended in negative territory today pressured by losses in Westpac Banking Corp as it fielded investor rage over an alleged money laundering scandal.

The other three of the big four banks also underperformed today.

The country’s oldest lender said that it was shocked by a money-laundering lawsuit over payments it unintentionally facilitated among suspected child exploiters. The company has seen about $5.84 billion wiped off its market value since it was slapped with the lawsuit.

The company’s stockholders also voted against its executive pay plans for a second year running.

ANZ Banking Group dropped 1.26% after it along with Westpac were excluded from a federal contract for a government home-loan scheme.

The energy sector fell 0.5%, with the sector heavyweight Santos limited, however, gaining 0.24% on Thursday.

Index component Lynas Corp surged 9.72% and was the top performer on the benchmark after news that the U.S. Army plans to fund construction of rare earths processing facilities in the U.S.

Mining shares, which were among the worst affected by the Sino-U.S. trade tensions, closed mostly in positive territory today. BHP Group and Fortescue Metals Group gained 0.36% and 1.25% respectively on Thursday.

On the economic front, the Australian Consumer Inflation Expectations for December released earlier today came in at 4%. Inflation Expectations were above the market expectation of 3.5%.

On the technical front, the RSI is currently at 45.5% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger bands and is heading downwards.

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

 

Trade Suggestion- Limit Sell At 6688 Take Profit At 6654 Stop Loss At 6705

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