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ASX 200 FALLS OVER MOUNTING FEARS OF CORONAVIRUS - Capital Street FX

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    • ASX 200 FALLS OVER MOUNTING FEARS OF CORONAVIRUS
23-Jan
18:54 IST

ASX 200 futures are currently trading at 7013-lower by 0.54% 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 0.63% to close at 7,088.00 on Thursday. It was its worst session so far this year.

The ASX 200 fell today as market players turned more anxious about the spread of coronavirus in China, Australia’s biggest trading partner. The index rose around a percent on Wednesday.

The coronavirus has killed 17 people through respiratory illness.

All the major sector-based indices fell on the Australian Stock Exchange. Energy shares declined around 1.7% on Thursday.

Crude prices today dropped to their lowest level in seven weeks on demand concerns around the China virus. Index components Worley Limited and Beach Energy plunged 2.39% and 6.01% respectively on Thursday.

The Metals & Mining and Financial sub-indices declined by 0.9% and 0.3% respectively today.

Westpac Banking Corp dropped 0.24% after the company named industry veteran John McFarlane as chairman.

Commonwealth Bank of Australia edged up 0.083% despite a class-action lawsuit filed against the company’s lending arm for not acting in customer’s interest for insurance policies.

Engineering services provider CIMIC Group was the top percentage loser in the index. Stocks of the company fell after it disclosed its plans to exit the Middle East with the sale of its stake in BIC Contracting.

Stocks of Downer EDI plunged 18.06% after the company revised its profit outlook to A$300 million from A$365 million due to underperforming projects.

On the economic front, Employment Change for December released earlier today came in at 28.9K. The Employment Change was above the market expectation of 15.0K.

On the technical front, the RSI is currently at 61.86% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is above the middle line 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 targets.

 

Trade Suggestion- Limit Sell At 7020 Take Profit At 6975 Stop Loss At 7043

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