Capital Street Inter markets Limited is a Global Business Company (GBC1) incorporated and regulated by the Financial Services Commission, Mauritius. It is fully licensed and regulated by the FSC Mauritius, as a Full Services Investment Dealer....
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In the Premarket trading session on Wednesday, Standard Charter’s stock was trading at 565.80- lower by 3.78% as compared to its previous close.
The company reported fourth-quarter earnings on Thursday. Standard Chartered reported better-than-expected earnings for the fiscal fourth quarter. The profit jumped 46% but the gains were capped by coronavirus hit.
The company said annual pre-tax profit was up 46% at $3.7 billion for the year, although this was slightly below market expectations.
Standard Chartered CEO Bill Winters said that the bank’s expectations on economic activity and interest rate trajectory this time last year had been “wrong,” and that hopes of a “quick recovery” globally after the coronavirus outbreak now seemed a “little more remote.”
Underlying profit at the company was up 8% to $4.2 billion and ROTE climbed 130 basis points to 6.4%.
In the bank’s outlook, Group CFO Andy Halford warned that lower interest rates, slower global economic growth, a softer Hong Kong economy and the impact of the coronavirus will “likely result in income growth in 2020 below our medium-term 5-7% target range.”
On the technical front, the MACD histogram indicate bearish momentum in the market the RSI and stochastic suggest the market will move in downward direction.
Overall Bias is negative and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
TRADE SUGGESTION- SELL@ 565.50, STOPLOSS @ 567, TARGET@ 562.50