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HANG SENG RISES ABOVE MA5 AS LOCKDOWN EASES -

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    • HANG SENG RISES ABOVE MA5 AS LOCKDOWN EASES
28-Apr
22:40 IST

Hang Seng futures are currently trading at 24573-higher by 0.78% as compared to the previous closing price. The contract closed in the positive territory in the last trading session.

In the Cash Markets, the Hang Seng index added 1.22% to close at 24,575.96 on Tuesday. The index touched its more than one-week high during the session.

The Hang Seng rose today as Hong Kong showed some signs of returning to normalcy with government officials set to head back into offices after the government eased lockdown restrictions.

The Hang Seng index has advanced 3.29% so far this week.

The Hang Seng China Enterprises Index also rose 1.09% to close at 9,983.69 on Tuesday. For the week, the index is up 3.39%.

The sub-index of the benchmark tracking energy stocks jumped 1.3% today.

The sub-index of the benchmark tracking financial stocks added 1.3%, the property sector ended 1.4% higher and the IT sector rose 0.8%.

The Chief Executive of Hong Kong said earlier today that most government employees will return to work from 4th May.

Chief Executive Carrie Lam also said that open facilities including museums and libraries would also reopen from 4th May.

The city reported no new pneumonia-causing virus infections for a third day today.

Top gainers in the index include- China Overseas Land & Investment Ltd (surged 3.5%), Wharf Real Estate Investment Company Ltd (rose 2.9%) and CITIC Ltd (advanced 2.7%).

Around 1.69B Hang Seng stocks were traded today higher from 1.59B in the previous session.

The Hong Kong Monetary Authority sold Hong Kong Dollars’ worth $1.38 billion in the New York trading hours after the local currency hit the strong side of its 7.75-7.85 per USD trading band.

On the economic front, Hong Kong’s Trade Balance for March released on Monday came in at -34.7 billion Hong Kong dollars. The Trade Balance was a better-than-the market expectation of -71.0 billion Hong Kong dollars.

On the technical front, the RSI is currently at 57.51% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger bands and is heading upwards.

Overall Bias is Positive and Short-term trades can be initiated with below mentioned Stop Loss and Profit targets.

 

Trade Suggestion-Limit Buy At 24540 Take Profit At 24790 Stop Loss At 24420

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