18 Dec 2024 Global Index Futures - Hang Seng

HONG KONG STOCK INDEX (HSI)

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Hang Seng

The Hong Kong stock market jumped 177 points or 0.9% to reach 19,874 in Wednesday morning trading, marking the first increase in four sessions. This upturn was supported by a modest rise in US futures, ahead of an anticipated interest rate cut from the Fed later today.

Investors took new positions amid clearer signs that China will adopt a more proactive fiscal policy for the coming year, including plans to issue more government bonds. Meanwhile, the PBoC has indicated it has room to further lower the RRR to support an economic turnaround.

Markets escaped from their lowest level in over a week, tracking Chinese stocks that recovered from recent losses. All sectors gained, led by tech and consumers. EV stocks like Li Auto (3.5%) and Geely Auto (3.2%) saw solid gains, as well as energy shares such as China Longyuan Power (3.6%) and ENN Energy Co. (2.9%).


Traders now await a monthly review of key lending rates by the PBoC after the central bank retained them at record lows in November.

Notable losing stocks included Longfor Group (-4.9%), SenseTime Group (-4.5%), SITC Intl. (-3.4%), and Semicon Manufacturing (-2.5%).

(News Source: Tradingeconomics)

Plan A: Long if market supported firm above 19,780. Targets are 19,908/20,097. Take reasonable stop loss for each trade. 

Plan B: Short if market resilient to 19,780. Targets are 19,688/19,501. Take reasonable stop loss for each trade. 

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