Hong Kong stocks rise 3%, leading gains in the Asia-Pacific as investors look ahead to Fed minutes
Hong Kong shares led gains in the Asia-Pacific as investors looked ahead to the Fed’s meeting minutes, watching for signs of more interest rate hikes.
Hong Kong’s Hang Seng index rose 3.08%, in its final hour of trade, leading gains in the region, while the Hang Seng Tech index gained more than 3.08%
Investors are looking ahead to the release of the U.S. Job Openings and Labor Turnover Survey, better known as JOLTS, as well as the minutes of the Fed’s latest policy meeting set to come out in the afternoon stateside.
Chinese technology and healthcare stocks listed in Hong Kong led gains in the Hang Seng index alongside property stocks in Wednesday’s trading session.
Country Garden Services and Long for Group saw the most gains, with both rising nearly 10% in Wednesday’s afternoon trade. Alibaba Health Information Technology also rose 8.87% and Hansoh Pharmaceutical Group gained 7.42%.
Baidu rose 6.97% and Alibaba traded 6.88% higher after Ant received approval to expand its consumer finance business. NetEase shares also rose 5.23% in the afternoon trade.
HANG SENG TECHNICAL ANALYSIS
Hang Seng is currently trading in up channel.
Hang Seng is currently trading above all SMA
RSI is in buying zone which suggests bullishness and Stochastic is suggesting up trend.
Hang Seng immediate resistance is at 21135 & its immediate support level is 20450
HOW TO TRADE HANG SENG IN THIS WEEK
Hang Seng is trading in up channel; it will continue to trade upside any trend reversal so, remain bullish on it.