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Hang Seng futures are currently trading at 24351-higher by 0.02% as compared to the previous closing price. The contract closed in the negative territory in the last trading session.
In the Cash Markets, the Hang Seng index dropped 0.067% to close at 24,464.94 on Thursday. The index dropped 1.5% during the session. The Hang Seng recouped losses to end flat today after China’s pledge for more reforms and liquidity to support its economy.
The Hang Seng index was down 0.02% so far this week.
The Hang Seng China Enterprises Index edged up 0.069% to close at 9,916.45 on Thursday. The index fell by 1.3% during the session. For the week, the HSCE index is up 0.85%.
The People’s Bank of China governor said earlier today that the country will maintain ample financial system liquidity in the second half of the year, but will need to consider suspending that support at some point.
The Chinese central bank also made its first 14-day reverse repo injection since February and lowered the rate by 20 basis points.
The sub-index of the benchmark tracking the IT sector gained 1.2% on Thursday.
Top losers in the index include- CITIC Ltd. (fell 1.4%), HSBC Holdings PLC (declined 1.6%) and CNOOC Ltd (dropped 1.3%) on Thursday.
Top gainers in the index include- Geely Automobile Holdings Ltd (surged 5.9%), CSPC Pharmaceutical Group Ltd (rose 5.4%) and China Shenhua Energy Co Ltd (advanced 2.9%).
On the economic front, Hong Kong’s Unemployment Rate for May released earlier this week came in at 5.9%. Unemployment Rate was a worse-than-the market expectation of 5.0%.
On the technical front, the RSI is currently at 53.57% and suggests that the market can continue trading sideways. The %K has crossed the %D from above to the downside at around 91% and suggests that the market can move in the downward direction. 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 24390 Take Profit At 24140 Stop Loss At 24515