HONG KONG STOCK INDEX (HSI)
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Hang Seng
Equities in Hong Kong tumbled 280 points or 1.3%, to 20,522 in early trade on Wednesday, partially giving up gains from the previous session amid sector-wide declines.
The Hang Seng retreated from a near two-month peak, hit a day earlier, after China launched a package of tariffs on various US goods. This move was in immediate retaliation to a new 10% tariff on Chinese imports imposed by US President Donald Trump.
Meanwhile, data from a private survey showed that China's services activity grew at the slowest pace in four months during January, adding to the bearish sentiment.
In the mainland, trading activity resumed after a week-long Lunar holiday but traders adopted a cautious stance, awaiting what Beijing would do to spur market confidence. Some biggest laggards included SenseTime Group -6.4%), Nongfu Spring (-5.6%), H World Group (-4.8%), Trip.Com (-4.4%), and Geely Auto (-3.6%).
(News Source: Tradingeconomics)
Plan A: Long only if market supported firm above 20,641. Targets are 20,767/20,916. Take reasonable stop loss for each trade.
Plan B: Short if market rebounded but resilient to 20,641. Targets are 20,540/20,284. Take reasonable stop loss for each trade.
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