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HANG SENG INCHES UP AHEAD OF CHINESE NEW YEAR HOLIDAY -

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    • HANG SENG INCHES UP AHEAD OF CHINESE NEW YEAR HOLIDAY
24-Jan
18:55 IST

Hang Seng futures are currently trading at 27916-higher by 0.38% as compared to the previous closing price. The contract, however, closed in the negative territory in the last trading session.

In the Cash Markets, the Hang Seng index added 0.15% to close at 27,949.64 on Friday. The index inched up today as many market players were cautious as fears persisted over the spread of a coronavirus in China.

Most investors remained sidelined today ahead of the Chinese New Year holiday.

The Hang Seng index dropped 3.81% for the week. The benchmark index also snapped its seven-week winning streak.

The Hang Seng China Enterprises Index advanced 0.22% to close at 10,976.19 on Friday. For the week, the index was down 3.89%. The HSCE also snapped its seven-week winning streak.

China’s Wuhan and Huanggang cities have been locked down so as to contain the new virus that has sickened many people.

The sub-index of the benchmark tracking energy stocks added 0.1%, the financial sector rose 0.02%, the IT sector ended 0.3% higher and the property sector dropped 0.2%.

Top gainers in the index include- China Mobile Ltd (surged 2.5%), Hang Lung Properties Ltd (rose 1.6%) and Hengan International Group Company Ltd (advanced 1.5%).

Top losers in the index include- Geely Automobile Holdings Ltd (fell 1.2%), CSPC Pharmaceutical Group Ltd (plunged 1.2%) and Want Want China Holdings Ltd (dropped 0.9%) on Friday.

On the economic front, CPI (YoY) for December released earlier this week came in at 2.90%. The CPI change was below the market expectation of 3.00%.

On the technical front, the RSI is currently at 42.44% and suggests that the market can continue trading sideways. 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 tight Stop Loss and Take Profit targets. This trade can remain valid until Monday.

 

Trade Suggestion- Limit Sell At 27935 Take Profit At 27815 Stop Loss At 27995

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