Today’s Asian Stocks Slip Concern Over Rising Covid-19 Cases in China.
Hang Seng fell by 0.49% to 17,573.45 on Friday 2nd December.
The hang Seng Index in Hong Kong was down by 1%, the Hang Seng tech index was down 2.30% to 3.57KHD, South Korea’s Kospi shed 1.24% and the Kosdaq was down by 2.14%.
In China, the people’s bank cut the its14-day reverse repo rate, and later this week the bank of China and the federal reserve will be announcing their interest rates, On Monday Asia pacific shares fell ahead of major central bank meetings this week.
Alibaba Group Holding tumbled 3.4% to HK$83.85, while Tencent Holdings was down by 0.9% to HK$290.60. Other losers were Wu Xi Biologics, which slumped 5.1% to Hk$49.20, and country garden which retreated 5% to HK$2.30.
According to Lui Gu, an analyst at Guotai Junan Securities in Hong Kong that market sentiment is under pressure as panic increased among investors that the fed will be raising interest rates, Hong Kong Stocks will follow the weak pattern in the overseas market
The Shanghai Composite slumped by 0.66% to 3,088.37 and the Shenzhen Component also declined by 0.258%, S&P/ASX 200 was fractionally lower in Australia, and MSCI’s broadest index fell by 0.5%
LONG-TERM TECHNICAL ANALYSIS
This daily chart indicates that Hang Seng Index was trading in a down channel. Currently, it is trading above all SMA, RSI is in the buying zone which indicates bullishness, and MACD is above zero which indicates bullishness.