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FTSE 100 FALLS AS SPREAD OF VIRUS SPARKS PANDEMIC WORRIES - Capital Street FX

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    • FTSE 100 FALLS AS SPREAD OF VIRUS SPARKS PANDEMIC WORRIES
24-Feb
18:48 IST

FTSE 100 futures are currently trading at 7,140.8-lower by 2.96% as compared to the previous closing. The contract closed in the negative territory in the last trading session also.

In the Cash Markets, the FTSE 100 fell 3.27% to 7,162.03 at the time of writing. The broad-market index dropped today as a rise in the pneumonia-causing virus cases outside China sparked fears of a pandemic, driving traders to the safe-haven assets.

London’s main index dropped to an over two-month low today, as a surge in new cases in Italy, Iran and South Korea raised worries about a bigger hit to the global economy than previously estimated.

Stocks of mining giants were dropped about 4% and on track for their worst day in 18 months. Antofagasta and Anglo American declined 6.35% and 7.73% respectively at the time of writing.

EasyJet Plc. (fell 6.39%) led the wider travel and leisure sector lower on Monday.

According to market sources, outside China, the coronavirus outbreak has spread to around 29 countries and territories.

Travel, tourism, and luxury shares have been among the worst hit from the health crisis as steps to limit the virus have led to travel restrictions to China.

Index component AB Foods dropped 1.51% after saying that there was a risk of supply shortages on some lines if delays in factory production in China were prolonged due to the virus outbreak.

On the other hand, Bunzl advanced 2.26% after reporting a higher annual profit, due to acquisitions made in 2019.

The FTSE 250 midcap index lost 3.14% at the time of writing.

Homebuilders were trading in negative territory on Monday. Taylor Wimpey and Barratt Developments fell 3.61% and 3.2% respectively at the time of writing.

On the technical front, the RSI is currently at 33.21% and suggests that the market can move in the downward direction. The current price is below the MA5. The %K has crossed the %D from above to the downside at around 73% and suggests that the market can move in the downward direction.

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

 

Trade Suggestion- Limit Sell at 7142. Take Profit at 7106. Stop Loss at 7160

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