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HANG SENG RISES ABOVE MA5 ON U.S.-CHINA TRADE DEAL HOPES - Capital Street FX

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    • HANG SENG RISES ABOVE MA5 ON U.S.-CHINA TRADE DEAL HOPES
13-Dec
19:19 IST

Hang Seng futures are currently trading at 27782-higher by 2.84% 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 rose 2.57% to close at 27,687.76 on Friday. It was its biggest daily gain since 4th September. The broad market index also ended at its highest level since 7th November.

The benchmark index advanced today on reports that Beijing and Washington agreed to cut existing tariffs and delay ones set to take effect on 15th December.

The Hang Seng China Enterprises Index added 2.10% to close at 10,838.11 on Friday.

According to market sources, Washington has reached a phase one trade deal in principle with Beijing.

Foreign traders were net buyers of A-stocks via the Stock Connect linking mainland and Hong Kong markets for the 22nd consecutive session.

Hong Kong’s currency was on track for its best week since September 2018, as bets against the currency unwound on Wednesday and Thursday.

The Hong Kong dollar was also supported by a seasonal year-end cash shortage.

Top gainers in the index include- Galaxy Entertainment Group Ltd (surged 6.9%), Sands China Ltd (rose 5.3%) and Hengan International Group Company Ltd (advanced 5.1%).

On the data front, Hong Kong Industrial Production (YoY) for the third quarter released earlier today came in at 0.4%. Production was above the market expectation of a fall of 1%.

On the technical front, the RSI is currently at 69.68% 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 26760 Take Profit At 26900 Stop Loss At 26690

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06-Dec
19:07 IST

Hang Seng futures are currently trading at 26518-higher by 1.03% 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 rose 1.07% to close at 26,498.37 on Friday.

The Hang Seng China Enterprises Index added 0.83% to close at 10,407.18 on Friday.

The improved tone of the U.S. President in a comment on Thursday has lifted market sentiments despite the lack of certainty whether existing tariffs should be removed as part of an initial deal.

Chinese officials said today that Beijing will waive import tariffs on some soybeans and pork shipments but it did not specify the quantities involved.

Chinese stocks submitted their biggest weekly rally on Friday in nearly two months. The Chinese blue-chip stocks added 0.6% on Friday.

Data from Hong Kong stock exchanges showed that total net inflow via stock connecting mainland and Hong Kong from January to November period came in at HK$208 billion, compared to HK$83 billion in 2018.

The sub-index of the benchmark tracking energy stocks gained 0.1%, the financial sector added 0.89% and the IT sector ended 1.7% higher.

AAC Technologies Holdings was the top gainer on the index, surging 8.97%. On the other hand, the top loser on the Hang Seng was Hong Kong and China Gas Co Ltd, which dropped 0.27%.

On the data front, Hong Kong Foreign Reserves data for November was released on Friday. Foreign Reserves came in at 434.30 billion USD which was lower than the previous month (440.60B USD).

On the technical front, the RSI is currently at 47.73% and suggests that the market can move in the upward direction. 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 tight Stop Loss and Take Profit targets. This trade can remain valid until Monday.

 

Trade Suggestion- Limit Buy At 26495 Take Profit At 26635 Stop Loss At 26425

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