HONG KONG STOCK INDEX (HSI)
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Hang Seng
The Hang Seng fell 32 points or 0.2% to end at 19,721, reversing gains from earlier deals as most sectors slipped. Markets ended in the red for the second session, down by 1.3% for the week, which marked the first drop in four, amid a sharp pullback in US futures ahead of the Fed’s preferred inflation data later today.
Locally, Hong Kong's inflation data will also be due today. Cautious traders continued to assess the potential impact of fewer rate reductions in the US next year, after three cuts this year. In the mainland, the PBoC maintained its key lending rates at record lows, in line with consensus.
Several laggards of the day included Kuaishou Tech (-5.4%), KE Hlds. (-3.2%), Want Want China Hlds. (-3.0%), and Innovent Biologics (-2.2%). In contrast, Semicon Manufacturing surged over 8%, after the US asked Nvidia to investigate how its products ended up in China over the past year. Tencent Holdings Ltd. climbed 2.7%, after launching a new gifting feature on its WeChat platform.
(News Source: Tradingeconomics)
Plan A: Long if market supported firm above 19,780. Targets are 19,936/20,060. Take reasonable stop loss for each trade.
Plan B: Short if market resilient to 19,780. Targets are 19,634/19,442. Take reasonable stop loss for each trade.
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