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HANG SENG RISES AS BRITISH BANKS SIGNAL SUPPORT FOR CHINA LAW -

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    • HANG SENG RISES AS BRITISH BANKS SIGNAL SUPPORT FOR CHINA LAW
04-Jun
22:55 IST

Hang Seng futures are currently trading at 24190-lower by 1.71% as compared to the previous closing price. The contract closed in the positive territory in the last trading session.

In the Cash Markets, the Hang Seng index added 0.17% to close at 24,366.30 on Thursday.

The index edged up today after two major UK banks backed China’s national security law for Hong Kong, allaying worries about the law’s impact on the local business community.

The sub-index of the benchmark tracking energy stocks fell 3.3% today.

The sub-index of the benchmark tracking financial stocks added 0.4%, the property sector ended 0.38% lower and the IT sector gained 1.25%.

Hong Kong stocks of Standard Chartered and HSBC Holdings gained today after the banks backed China’s national security law for the city, easing concerns over their businesses getting affected by any political crossfire in their largest market.

The index has been closing in negative territory in the last few trading sessions after China’s parliament approved a national security bill for Hong Kong last week.

The Hang Seng index has added 6.12% so far this week.

The Hang Seng China Enterprises Index also advanced 0.23% to close at 9,967.93 on Thursday. For the week, the index is up 4.26%.

Top gainers in the index include- Sands China Ltd (surged 4.9%), Shenzhou International Group Holdings Ltd (rose 3.0%) and WH Group Ltd (advanced 2.6%).

Top losers in the index include- Hengan International Group Company Ltd (fell 1.9%), China Overseas Land & Investment Ltd (declined 1.6%) and China Shenhua Energy Co Ltd (dropped 1.4%) on Thursday.

On the economic front, Hong Kong’s Markit PMI for May released on Wednesday came in at 43.9. The PMI reading was above the market expectation of 38.0.

On the technical front, the RSI is currently at 56.68% and suggests that the market can continue trading sideways. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 20% and suggests that the market can move in the upward direction.

Overall Bias is Positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.

 

Trade Suggestion-Limit Buy At 24150 Take Profit At 24400 Stop Loss At 24025

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