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Hang Seng futures are currently trading at 23671-lower by 0.70% 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 1.45% to close at 23,829.74 on Thursday. It was its lowest closing level since 4th May.
The index dropped today as a grim economic forecast from the Fed Chairman poured cold water on hopes for a quick economic recovery.
The sub-index of the benchmark tracking energy stocks dropped 2.2% today.
The sub-index of the benchmark tracking financial stocks declined 1.62%, the property sector ended 1.97% lower and the IT sector added 0.48%.
The Hang Seng index has dropped 0.63% so far this week.
The Hang Seng China Enterprises Index also fell 1.51% to close at 9,687.10 on Thursday. For the week, the index is down 1.84%.
The US central bank Chairman on the previous day warned of a recession worse than any since World War Two. The chairman also called for additional fiscal spending to stem the fallout from the coronavirus pandemic.
Top losers in the index include- Shenzhou International Group Holdings Ltd (fell 4.6%), Sino Land Co Ltd (declined 3.7%) and China Resources Land Ltd (dropped 3.6%) on Thursday.
Top gainers in the index include- CK Infrastructure Holdings Ltd (surged 1.5%), AAC Technologies Holdings Inc. (rose 0.8%) and Tencent Holdings Ltd (advanced 0.2%).
On the economic front, the final estimate of Hong Kong GDP for the first quarter is scheduled to be released on Friday. The GDP is expected to fall by 0.5% on a QoQ basis.
On the technical front, the RSI is currently at 45.15% 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 23690 Take Profit At 23440 Stop Loss At 23820