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Hang Seng futures are currently trading at 26014-lower by 2.83% 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 fell 2.42% to close at 26,129.93 on Friday. The index this week recorded its biggest weekly loss in a month.
The Hang Seng declined today as the fast spread of the flu-like virus sparked fears of contagion and sent world financial markets reeling.
The Hang Seng index lost 4.3% for the week. The index is down 0.7% from January.
The sub-index of the benchmark tracking energy stocks fell 3.5%, the financial sector dipped 2%, the property sector ended 2.2% lower and the IT sector fell 3.4%.
The Hang Seng China Enterprises Index declined 2.74% to close at 10,302.36 on Friday. For the week, the index was down 4.5%. The Hang Seng China Enterprises Index is, however, up 0.6% from the previous month.
Hong Kong, earlier this week, disclosed a record budget deficit, pledging cash handouts to people.
Southbound flows into Hong Kong today continued their strong momentum, with mainland traders buying about 5 billion Yuan of HK-listed stocks.
Countries on three continents today reported their first cases of the pneumonia-causing virus.
The Chinese officials have implemented many measures to shore up the economy amid the coronavirus outbreak.
Top losers in the index include- AAC Technologies Holdings Inc. (fell 6.6%), Wharf Real Estate Investment Company Ltd (declined 6.2%) and Geely Automobile Holdings Ltd (dropped 6.0%) on Friday.
Around 3.19 billion Hang Seng stocks were traded today. The trading volume was 2.11 billion on Thursday.
On the technical front, the RSI is currently at 27.6% and suggests that the market can continue trading sideways. The current price is below the MA5. The current price is below the lower band of the Bollinger bands and is heading downwards.
Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Take Profit targets. This trade can remain valid until Monday.
Trade Suggestion- Limit Sell At 26050 Take Profit At 25900 Stop Loss At 26130