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HANG SENG RISES ON STIMULUS HOPES FOR CORONAVIRUS-HIT CHINA - Capital Street FX

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    • HANG SENG RISES ON STIMULUS HOPES FOR CORONAVIRUS-HIT CHINA
19-Feb
18:47 IST

Hang Seng futures are currently trading at 27583-higher by 0.70% 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 0.46% to close at 27,655.81 on Wednesday.

The benchmark index rose today after a slight drop in the number of new pneumonia-causing virus cases in mainland China and amid hopes of more stimulus to support the Chinese economy.

The Hang Seng China Enterprises Index advanced 0.96% to close at 10,908.57 on Wednesday.

The sub-index of the benchmark tracking energy stocks added 0.3%, the financial sector rose 0.2%, the property sector ended 0.6% higher and the IT sector gained 0.5%.

Market participants cheered news that China will lower some pension contributions and insurance fees to help firms combat the outbreak.

The Chinese officials have already implemented many measures to shore up the economy amid the coronavirus outbreak.

The number of new cases of the China-linked virus infection dropped for a second consecutive day in the country on Wednesday, although the death toll in the country crossed 2,000.

Top gainers in the index include- WH Group Ltd (surged 3.7%), China Resources Land Ltd (rose 2.0%) and China Mobile Ltd (advanced 2.0%).

Top losers in the index include- HSBC Holdings PLC (fell 1.3%), China Shenhua Energy Co Ltd (declined 0.8%) and Sands China Ltd (dropped 0.4%) on Wednesday.

Around 1.35 billion Hang Seng stocks were traded today. The trading volume was 1.59 billion on Tuesday.

The Hang Seng index has lost 0.60% so far this week.

On the technical front, the RSI is currently at 50.59% and suggests that the market can continue trading sideways. The current price is above the MA20. 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 Thursday.

 

Trade Suggestion- Limit Buy At 27560 Take Profit At 27710 Stop Loss At 27480

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