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Hang Seng futures are currently trading at 24369-higher by 0.97% as compared to the previous closing price. The contract closed in the positive territory in the last trading session also.
In the Cash Markets, the Hang Seng index added 1.38% to close at 24,300.33 on Thursday. The index rose today on hopes the China-linked virus pandemic may be approaching a peak.
The sub-index of the benchmark tracking energy stocks jumped 1.8% today.
The sub-index of the benchmark tracking financial stocks rose 0.8%, the property sector ended 1.6% higher and the IT sector gained 1.14%.
The broader sentiment lifted after the New York Governor said that the state’s efforts at social distancing were working to get the coronavirus under control in New York.
The Asia financial hub on the previous day announced measures worth $17.7 billion to help businesses and people hurt by the pneumonia-causing virus outbreak.
Top gainers in the index include- Sands China Ltd (surged 7.0%), Galaxy Entertainment Group Ltd (rose 6.3%) and Shenzhou International Group Holdings Ltd (advanced 5.5%).
Top losers in the index include- AAC Technologies Holdings Inc. (fell 4.1%), AIA Group Ltd (declined 0.8%) and China Shenhua Energy Co Ltd (dropped 0.6) on Thursday.
The Hang Seng index has rallied 4.38% so far this week.
The Hang Seng China Enterprises Index rose 1.33% to close at 9,811.12 on Thursday. For the week, the index is up 3.37%.
On the economic front, Hong Kong’s Foreign Exchange Reserves for March released earlier this week came in at $437.5 billion. Foreign Exchange Reserves were below the market expectation of $447.2 billion.
On the technical front, the RSI is currently at 56.21% 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 24340 Take Profit At 24590 Stop Loss At 24210