Hong Kong Hang Seng ends at 6-month high
Hong Kong share market finished session at six-month high on Monday, 16 January 2023, on following the broadly positive cues from Wall Street on Friday, China’s central bank liquidity injections on Monday, and expectations that Chinese authorities will do more to stimulate the country’s COVID-ravaged economy.
However, market gains were capped as profit taking, with eyes now on the release of the country’s growth data later in the week.
At closing bell, the benchmark Hang Seng Index edged up 8.06 points, or 0.04%, to 21,746.72, the highest level since 05 July 2022 when it closed at 21,853.07. The Hang Seng China Enterprises Index was down 40.84 points, or 0.55%, to 7,350.34.
Among blue chips, Alibaba Group climbed 0.6% to HK$113.40, while Wuxi Biologics gained 1.8% to HK$73.90. China Merchants Bank gained 2.1% to HK$48.90 and HSBC rose 2.1% to HK$56.65.
Macau casino operator Galaxy Entertainment rose 1.4% to HK$54.15.
Three companies started trading in Hong Kong on Monday. Beauty Farm Medical and Health Industry surged 53% to HK$29.65 and Shenzhen Pagoda Industrial jumped 7.1% to HK$6. Gala Technology slumped 12% to HK$5.75.
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 21899 & its immediate support level is 21644
HOW TO TRADE HANG SENG IN THIS WEEK
Hang Seng is trading in up channel; it will continue to trade upside until any trend reversal so, remain bullish on it.