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HANG SENG WOBBLY ON PROTESTS AND GDP - Capital Street FX

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    • HANG SENG WOBBLY ON PROTESTS AND GDP
15-Nov
20:10 IST

Hang Seng futures are currently trading at 26287-lower by 0.15% as compared to the previous closing. The contract, however, closed in the positive territory in the last trading session.

In the Cash Markets, the Hang Seng added 0.011% to close at 26,326.66 on Friday. The benchmark index pared its earlier gains to end just above the flatline today.

Hong Kong shares ended almost unchanged today on concerns over the persistent political unrest and the U.S.-China trade uncertainty.

Hong Kong government criticized today an attack by a violent mob on the city’s justice secretary in London.

On Thursday, the U.S. Senate brought the Hong Kong Human Rights and Democracy Act under an expedited process that would allow quick passage for the bill. According to market sources, the bill could pass as early as the next week.

Top gainers in the index include- AAC Technologies Holdings (surged 1.8%), Shenzhou International Group Holdings (rose 1.4%) and WH Group (advanced 1.3%).

Top losers in the index include- CSPC Pharmaceutical Group (plunged 1.4%), Want Want China Holdings (fell 1.2%) and Sino Land Co Ltd (declined 1.1%).

The Hang Seng index lost 4.8% for the week. The index also posted its worst week in more than three months.

On the economic front, Hong Kong’s GDP data for the third quarter was released on Friday. The QoQ rate of change in the GDP was -3.2%. The GDP change was in line with market expectations.

On the technical front, the RSI is currently at 38.02% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger bands and is heading downwards.

Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Take Profit targets. This trade can remain valid until Monday.

 

Trade Suggestion- Limit Sell At 26310 Take Profit At 26170 Stop Loss At 26380

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