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HANG SENG RISES AS OIL PRICES SURGE; PMI AWAITED -

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    • HANG SENG RISES AS OIL PRICES SURGE; PMI AWAITED
02-Apr
21:56 IST

Hang Seng futures are currently trading at 23145-higher by 2.35% 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 0.84% to close at 23,280.06 on Thursday. The index rose today, led by energy stocks as oil prices climbed on hopes for a deal to halt the price war between Russia and Saudi Arabia.

The Hang Seng dropped more than 1% earlier in the session on fears of a deep global recession due to the China-linked virus epidemic.

The sub-index of the benchmark tracking energy stocks jumped 7.1% today. The sub-index rose as oil prices gained after the US President said he expected Russia and Saudi Arabia to agree on a deal soon to halt their price war and the Russian President called for a solution to challenging oil markets.

The sub-index of the benchmark tracking financial stocks lost 0.07%, the property sector ended 0.36% higher and the IT sector gained 1.33%.

Top gainers in the index include- PetroChina Co Ltd (surged 9.7%), China Petroleum & Chemical Corp (rose 8.8%) and CNOOC Ltd (advanced 7.5%).

Top losers in the index include- Techtronic Industries Co Ltd (fell 3.0%), HSBC Holdings PLC (declined 2.6%) and Hang Lung Properties Ltd (dropped 2.4%) on Thursday.

The Hang Seng index has lost 0.31% so far this week.

The Hang Seng China Enterprises Index rose 1.29% to close at 9,526.56 on Thursday. For the week, the index is up 0.23%.

On the economic front, Hong Kong’s Manufacturing PMI for March is scheduled to be released early on Friday. The PMI is expected to rise to 34.5 from 33.1 in the previous month.

On the technical front, the RSI is currently at 43.47% and suggests that the market can move in the upward direction. The current price is below 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 23110 Take Profit At 23360 Stop Loss At 23000

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