HONG KONG STOCK INDEX (HSI)
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Hang Seng
Equities in Hong Kong climbed 339 points or 1.7%, to 19,916 in early deals on Monday, marking their fifth session of gain following a positive conversation between Donald Trump and Chinese leader Xi Jinping ahead of the US President-elect’s inauguration.
A surge on Wall Street Friday due to a jump in tech stocks also boosted sentiment. Markets in the city hit their highest in nearly three weeks, with traders cheering the PBoC's decision to hold steady its key lending rates for the third month in January fixing. The central bank retained the one-year loan prime rate and the five-year rate, both staying at record lows after rate cuts in Oct. and July, in line with estimates.
Limiting further rises was the third month of fall in Hong Kong's business mood for Q1, as the reading fell to its lowest in four years at -10. Gains were widespread across sectors, with the biggest gainers from JD Logistics (4.2%), Meituan (2.8%), Miniso Group (2.6%), Trip.Com (2.0%), and China Tower Corp. (1.8%).
(News Source: Tradingeconomics)
Plan A: Long if market retraced but supported firm above 19,990. Targets are 20,178/20,337. Take reasonable stop loss for each trade.
Plan B: Short if market rebounded but resilient to 20,178. Targets are 20,010/19,940. Take reasonable stop loss for each trade.
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