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Hang Seng futures are currently trading at 27933-higher by 0.46% as compared to the previous closing price. The contract, however, closed in the negative territory in the last trading session.
In the Cash Markets, the Hang Seng index added 0.25% to close at 27,871.35 on Friday. The benchmark index gained 0.7% for the week. The Hang Seng index also registered its third consecutive week of gains.
The benchmark index inched up today on easing Sino-U.S. trade tensions after both sides agreed on a phase one trade deal last week.
The Hang Seng China Enterprises Index added 0.40% to close at 11,030.23 on Friday. For the week, the index was up 1.8%.
The U.S. Treasury Secretary said on Thursday that Washington and Beijing would sign the phase one trade deal at the beginning of January. The Treasury Secretary also added that phase one trade pact was completely finished and was undergoing a technical scrub.
Beijing on Thursday disclosed a new list of import tariff exemptions for six chemical and oil products from Washington.
The Chinese President said earlier today that the country would never allow foreign countries to interfere with its special regions of Macau and Hong Kong.
Top gainers in the index include- China Unicom Hong Kong Ltd (surged 3.6%), Link Real Estate Investment Trust (rose 2.8%) and China Mobile Ltd (advanced 2.4%).
On the data front, Hong Kong CPI (YoY) for November released earlier today came in at 3.00%. The CPI growth was in line with market expectations.
On the technical front, the RSI is currently at 67.44% and suggests that the market can continue trading sideways. 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 tight Stop Loss and Take Profit targets. This trade can remain valid until Monday.
Trade Suggestion- Limit Buy At 27910 Take Profit At 28030 Stop Loss At 27850