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Hang Seng futures are currently trading at 26603-higher by 0.49% 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 0.48% to close at 26,595.08 on Friday. The benchmark index rose 1% for the week.
The Hang Seng China Enterprises index inched up 0.54% to close at 10,506.17 on Friday.
The Hang Seng inched up today on renewed hopes of China and the U.S. reaching a preliminary trade deal and as the city took a breather from political unrest ahead of elections on Sunday.
The sub-index of the Hang Seng tracking energy stocks gained 0.8%, the financial sector ended up 0.4% and the IT sector closed 1.9% higher.
The Chinese President said earlier today that Beijing wants to work out an initial trade deal with Washington and has been trying to avoid a trade dispute. The news lifted the market sentiment on Friday. The President, however, warned that China is not afraid to retaliate when necessary.
The U.S. Senate passed legislation on Wednesday backing protesters in Hong Kong, which drew criticism from China. The bills now go to the White House for the U.S. President to sign amid ongoing trade talks with China.
The sentiment was also boosted as the anti-government protesters in Hong Kong seeking freedom to choose their own leader, calm after months of unrest.
Around 1.1 billion of the benchmark’s stocks were traded today, down from 1.71 billion traded on Thursday.
On the economic front, Hong Kong’s CPI (YoY) for October released on Thursday came in at 3.10%. The CPI change was below the market expectation of 3.30%.
On the technical front, the RSI is currently at 46.35% and suggests that the market 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 Monday.
Trade Suggestion- Limit Buy At 26580 Take Profit At 26720 Stop Loss At 26510