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HANG SENG FALLS BELOW MA5 AS PANIC OUTWEIGHS STIMULUS - Capital Street FX

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    • HANG SENG FALLS BELOW MA5 AS PANIC OUTWEIGHS STIMULUS
19-Mar
19:10 IST

Hang Seng futures are currently trading at 21602-lower by 1.06% 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 2.61% to close at 21,709.13 on Thursday. The index fell to its lowest level since mid-2016 during the session.

The HSI fell today, though losses were capped on hopes of further stimulus to bolster the Chinese economy.

According to market sources, China is expected to lower its benchmark lending rate on Friday to support the economy.

The Chinese commerce ministry announced earlier today that it will help exporters who suffer from dwindling orders with financial, fiscal and export credit insurance measures.

The central city of Wuhan reported no new infections for the first time on Thursday.

Top losers in the index include- CK Infrastructure Holdings Ltd (fell 12.6%), Power Assets Holdings Ltd (declined 9.5%) and Swire Pacific Ltd (dropped 8.7%) on Thursday.

Top gainers in the index include- Techtronic Industries Co Ltd (surged 4.5%), AAC Technologies Holdings Inc. (rose 4.3%) and Tencent Holdings Ltd (advanced 2.7%).

The Hang Seng index has lost 10.70% so far this week.

The Hang Seng China Enterprises Index fell 2.74% to close at 8,559.64 on Thursday. For the week, the index is down 11.3%.

On the economic front, Hong Kong’s Unemployment Rate for February released earlier this week came in at 3.7%. Unemployment Rate was above the market expectation of 3.50%.

On the technical front, the RSI is currently at 25.65% and suggests that the markets can move in the upward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger bands but is heading upwards.

Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Take Profit targets. This trade can remain valid until Friday.

 

Trade Suggestion- Limit Buy At 21580 Take Profit At 21760 Stop Loss At 21500

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