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HANG SENG FALLS AS GROWTH RISKS MULTIPLY -

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    • HANG SENG FALLS AS GROWTH RISKS MULTIPLY
16-Apr
21:50 IST

Hang Seng futures are currently trading at 23940-lower by 0.25% as compared to the previous closing price. The contract closed in the negative territory in the last trading session also.

In the Cash Markets, the Hang Seng index lost 0.58% to close at 24,006.45 on Thursday. The index touched its lowest level since 7th April during the session.

The Hang Seng fell today as worries over the China-linked virus outbreak’s economic impact weighed.

The sub-index of the benchmark tracking energy stocks jumped 0.3% today.

The sub-index of the benchmark tracking financial stocks dropped 1.4% and the property sector ended 0.2% lower.

Top gainers in the index include- Tencent Holdings Ltd (surged 3.0%), Hengan International Group Company Ltd (rose 2.3%) and Galaxy Entertainment Group Ltd (advanced 1.7%).

Top losers in the index include- Hang Lung Properties Ltd (fell 2.8%), Shenzhou International Group Holdings Ltd (declined 2.7%) and HSBC Holdings PLC (dropped 2.2) on Thursday.

China will release its first-quarter GDP data early on Friday. The GDP is expected to be the worst in about three decades.

The IMF said earlier today that growth in Asia will grind to a halt for the first time in 60 years this year.

The Hang Seng index has dropped 1.21% so far this week.

Around 1.87B Hang Seng stocks were traded today down from 1.91B in the previous session.

The Hang Seng China Enterprises Index lost 0.54% to close at 9,672.60 on Thursday. For the week, the index is down 1.41%.

On the technical front, the RSI is currently at 50.58% and suggests that the market can continue trading sideways. 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 23960 Take Profit At 23710 Stop Loss At 24080

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