Capital Street Inter markets Limited is a Global Business Company (GBC1) incorporated and regulated by the Financial Services Commission, Mauritius. It is fully licensed and regulated by the FSC Mauritius, as a Full Services Investment Dealer....
9th Floor, Ebene Tower, 52 Cybercity Ebene, Republic of Mauritius
Hang Seng futures are currently trading at 29095-higher by 0.72% 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 0.60% to close at 29,056.42 on Friday. The index inched up today as market participants cheered signs of economic recovery on the mainland as well as the signing of the U.S.-China trade agreement on Wednesday.
The Hang Seng index gained 1.5% for the week. The benchmark index also registered its seventh consecutive week of gains.
The Hang Seng China Enterprises Index advanced 0.81% to close at 11,419.91 on Friday. For the week, the index was up 1.4%. The HSCE also posted a seventh straight week of gains.
Official data released earlier today showed that Chinese economic growth slowed to its weakest level in about 30 years in the last year amid trade tensions with the U.S. Data also indicated that Beijing ended the year on a firmer note as trade tensions reduced.
Gains in the U.S. markets following the signing of the initial U.S.-China trade agreement also helped boost risk appetite in Hong Kong.
According to the phase 1 trade deal, Beijing will increase purchases of Washington goods and services by $200 billion over two years in return for the rolling back of some tariffs.
Top gainers in the index include- CSPC Pharmaceutical Group Ltd (surged 5.1%), Ping An Insurance Group Co of China Ltd (rose 4.3%) and Sino Biopharmaceutical Ltd (advanced 3.5%).
Top losers in the index include- China Overseas Land & Investment Ltd (plunged 2.1%), Geely Automobile Holdings Ltd (fell 1.8%) and China Mengniu Dairy Co Ltd (dropped 1.7%) on Friday.
On the technical front, the RSI is currently at 69.57% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the upper band of the Bollinger bands and 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 29070 Take Profit At 29190 Stop Loss At 29010