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Hang Seng futures are currently trading at 24115-higher by 0.87% as compared to the previous closing price. The contract closed in the negative territory in the last trading session.
In the Cash Markets, the Hang Seng index added 0.35% to close at 23,977.32 on Thursday.
The index rose today, tracking the rebound in global markets as crude prices rebounded from a historic fall and on hopes that China’s economy is gradually recovering.
The sub-index of the benchmark tracking energy stocks jumped 1.3% today.
The sub-index of the benchmark tracking financial stocks lost 0.1%, the property sector ended 1.1% higher and the IT sector was flat.
Top gainers in the index include- Galaxy Entertainment Group Ltd (surged 3.6%), Sands China Ltd (rose 2.8%), and Techtronic Industries Co Ltd (advanced 2.4%).
Top losers in the index include- Shenzhou International Group Holdings Ltd (fell 1.7%), AAC Technologies Holdings Inc. (declined 1.5%), and Bank of China (dropped 1.4) on Thursday.
The Hang Seng index has dropped 0.12% so far this week.
The Hang Seng China Enterprises Index also rose 0.35% to close at 9,703.99 on Thursday. For the week, the index is down 1.13%.
Around 1.81B Hang Seng stocks were traded today higher from 1.67B in the previous session.
The Hong Kong Monetary Authority sold Hong Kong Dollars’ worth $234.81 million in the New York trading hours after the local currency hit the strong side of its 7.75-7.85 per USD trading band.
On the economic front, Hong Kong’s CPI (YoY) for March released earlier today came in at 2.30%. The CPI was above the market expectation of 1.2%.
On the technical front, the RSI is currently at 51.81% and suggests that the market can move in the upward direction. 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 below mentioned Stop Loss and Profit targets.
Trade Suggestion-Limit Buy At 24100 Take Profit At 24350 Stop Loss At 24000