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HANG SENG FALLS ON TECH STOCKS LOSSES; CPI OUTPERFORMS -

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    • HANG SENG FALLS ON TECH STOCKS LOSSES; CPI OUTPERFORMS
21-May
22:01 IST

Hang Seng futures are currently trading at 23792-lower by 2.81% 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 0.49% to close at 24,280.03 on Thursday.

The index today was dragged down by technology stocks after US officials said regulators were open to making changes to close a possible loophole in a new rule aimed at curbing global chip sales to Huawei Technologies.

The sub-index of the benchmark tracking energy stocks dropped 0.7% today.

The sub-index of the benchmark tracking financial stocks added 0.04%, the property sector ended 0.82% lower and the IT sector declined by 1.63%.

The Hang Seng index has added 1.89% so far this week.

The Hang Seng China Enterprises Index also fell 0.48% to close at 9,850.07 on Thursday. For the week, the index is up 1.81%.

A Chinese official said earlier today that Beijing is set to impose new national security legislation on the Asian financial hub after 2019’s violent pro-democracy unrest that put Hong Kong into deepest turmoil.

Top losers in the index include- Shenzhou International Group Holdings Ltd (fell 3.7%), Sino Biopharmaceutical Ltd (declined 2.6%) and AAC Technologies Holdings Inc. (dropped 2.5%) on Thursday.

Top gainers in the index include- China Mobile Ltd (surged 3.2%), Hong Kong Exchanges and Clearing Ltd (rose 2.0%) and Country Garden Holdings Co Ltd (advanced 0.2%).

On the economic front, Hong Kong’s Inflation Rate (YoY) for April released earlier today came in at 1.9%. Inflation Rate was above the consensus estimates of 1.3%

On the technical front, the RSI is currently at 46.4% 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 23830 Take Profit At 23580 Stop Loss At 23960

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