Hong Kong’s Hang Seng Index Dumped Over 3%, Leading Fall in Asia Session

Hong Kong’s Hang Seng Index Dumped Over 3%, Leading Fall in Asia Session

hang seng index

Hang Seng fell by 3.41% to 17,250.45 on Wednesday 28 September, Japan Market was closed for a holiday on Monday

The hang Seng Index in Hong Kong was down by 3.41%, Hang Seng tech index was down by 3.78%. South Korea’s Kospi slumped 2.41% and the Kosdaq was down by 2.14%.

In China, the people’s bank cut the its14-day reverse repo rate, later this week the bank of China and the federal reserve will be announcing their interest rate

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

On technical fronts, the Hang Seng Index; RSI stood at 22.583, currently, it is trading below all SMA. So, the SELL position can be taken with the following target and stop-loss:

TRADE SIGNAL: Hang Seng Index- SELL AT 17250.88, TARGET:16900.00, STOPLOSS:17550.00

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