HONG KONG STOCK INDEX (HSI)
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Hang Seng
Hong Kong's stocks plunged 321 points or 1.6% to 20,077 in early deals on Friday, surrendering gains from the prior session due to steep losses across sectors. Traders fled riskier assets after a readout from China’s Central Economic Work Conference lacked policy details, with top leaders reportedly only vowing to raise the fiscal deficit target for next year.
Overnight in the US, rallies on Wall Street paused after weekly jobless claims rose more than expected, and producer price data were mixed. Locally, industrial output in Hong Kong fell in Q3, after rising in the previous six quarters.
Still, the Hang Seng is on track for its third weekly gain, up around 1% so far, buoyed by new voucher programs launched in major mainland cities like Shanghai and Beijing to boost local consumption before the holidays. Among large-cap stocks, notable losses were recorded for Longfor Group (-5.6%), Geely Auto (-4.2%), Semiconductor Manufacturing (-3.5%), Li Auto (-3.3%), and Meituan (-3.0%).
(News Source: Tradingeconomics)
Plan A: Long if market supported firm above 20,094. Targets are 20275/20478. Take reasonable stop loss for each trade.
Plan B: Short if market resilient to 20,478. Targets are 20,260/20,110. Take reasonable stop loss for each trade.
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