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HSBC SWAPS PAPER RECORDS FOR BLOCKCHAIN; STOCK FALLS BELOW MA5 - Capital Street FX

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    • HSBC SWAPS PAPER RECORDS FOR BLOCKCHAIN; STOCK FALLS BELOW MA5
28-Nov
20:16 IST

HSBC Holdings plc’s stock is currently trading at 579.00-lower by 1.04% as compared to its previous close.

The investment bank aims to shift $20 billion worth of assets to a new Blockchain-based custody platform known as Digital Vault by next year. HSBC said that the platform will give investors real-time access to records of securities bought on private markets. The London-based bank’s platform will digitize paper-based records of private placement using Blockchain. The investment bank expects the global value of private placements to reach $7.7 trillion by 2022.

HSBC reported a 24% fall in third-quarter net profit in its earnings released in the last month. The investment bank also warned of weaker revenue growth in 2020. The interim CEO of HSBC has announced plans to remodel a large part of the bank in its earnings call.

On the technical front, the current price is below the MA5. The %K has crossed the %D from below to the upside at around 27% and suggests that the market can move in the upward direction. The RSI is currently at 43.6% and suggests that the market can move in the downward direction.

 

TRADE SUGGESTION- LIMIT SELL AT 579.20 TAKE PROFIT AT 577.20 STOP LOSS AT 580.20

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