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HANG SENG RISES ABOVE MA5 ON CHINA POLICY HOPES -

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    • HANG SENG RISES ABOVE MA5 ON CHINA POLICY HOPES
26-May
22:29 IST

Hang Seng futures are currently trading at 23376-higher by 2.16% as compared to the previous closing price. The contract closed in the negative territory in the last trading session.

In the Cash Markets, the Hang Seng index added 1.88% to close at 23,384.66 on Tuesday.

The index rose today as market participants cheered the news of more stimulus in China and the gradual reopening of the global economy.

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

The sub-index of the benchmark tracking financial stocks added 1.44%, the property sector ended 2.82% higher and the IT sector gained 3.03%.

The People’s Bank of China governor said in an interview published today that China will strengthen its economic policy and continue efforts to lower interest rates on loans. The PBoC governor also said that China’s economic fundamentals are unchanged despite many uncertainties.

The Hang Seng index has added 1.98% so far this week.

The Hang Seng China Enterprises Index also advanced 1.37% to close at 9,595.20 on Tuesday. For the week, the index is up 1.79%.

Hong Kong Exchanges and Clearing Ltd was the top loser on the index, falling 0.95%.

Top gainers in the index include- Henderson Land Development Co Ltd (surged 4.8%), China Mengniu Dairy Co Ltd (rose 4.5%) and CK Infrastructure Holdings Ltd (advanced 4.2%).

On the economic front, Hong Kong’s Trade Balance for April released on Monday came in at -23.3 billion Hong Kong dollars. The Trade Balance was a better-than-the market expectation of -55 billion Hong Kong dollars.

On the technical front, the RSI is currently at 45.52% and suggests that the market can continue trading sideways. The current price is above 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 below mentioned Stop Loss and Profit targets.

 

Trade Suggestion-Limit Buy At 23350 Take Profit At 23600 Stop Loss At 23230

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