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Hang Seng futures are currently trading at 27144-higher by 1.41% 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 added 0.42% to close at 26,786.74 on Wednesday. The benchmark index closed in the positive territory for the third consecutive session.
The Hang Seng index rose today as traders bet on further policy support from China to counterbalance the economic impact of a fast-spreading coronavirus.
The Hang Seng China Enterprises Index advanced 0.56% to close at 10,493.85 on Wednesday.
The sub-index of the benchmark tracking energy stocks added 0.9%, the financial sector rose 0.5%, the property sector ended 0.1% higher and the IT sector gained 0.2%.
According to market sources, Chinese officials are considering measures to support the economy jolted by the virus outbreak. The death toll in the country crossed 490.
In the Asian financial hub, so far 18 cases of coronavirus were confirmed.
Top gainers in the index include- CSPC Pharmaceutical Group Ltd (surged 4.5%), WH Group Ltd (rose 2.8%) and Shenzhou International Group Holdings Ltd (advanced 2.7%).
Top losers in the index include- Sunny Optical Technology Group Co Ltd (fell 2.7%), Want Want China Holdings Ltd (declined 2.3%) and Sino Land Co Ltd (dropped 0.8%) on Wednesday.
Around 2.50 billion Hang Seng stocks were traded today. The trading volume was almost the same as on Tuesday.
The Hang Seng index has added 1.80% so far this week.
On the economic front, Manufacturing PMI for January released earlier today came in at 46.8. The index reading was above the consensus estimates of 45.2.
On the technical front, the RSI is currently at 43.75% 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 Thursday.
Trade Suggestion- Limit Buy At 27120 Take Profit At 27270 Stop Loss At 27040