Home Forex Markets Hang Seng Index (HSI) closed slightly higher, the trend outlook is still not optimistic

Hang Seng Index (HSI) closed slightly higher, the trend outlook is still not optimistic

by WOOWinvest
0 comment
Hang Seng Index (HSI) closed slightly higher, the trend outlook is still not optimistic


Although the external U.S. stock market rose for three consecutive days, although the Hang Seng Index (HSI) opened significantly higher on Friday, it finally closed up only slightly. Technically, the Hang Seng Index (HSI) failed to bounce back above 20700, and the outlook for the follow-up trend is still not optimistic.

Yesterday, the European Central Bank unexpectedly raised interest rates by 50 basis points, ending the era of negative interest rates in the euro zone. This was also the first interest rate hike by the European Central Bank in 11 years. However, this did not have a significant impact on the European stock market. The German DAX index fell only slightly by 0.27%.

Overnight data showed that 251,000 Americans filed for unemployment benefits in the week to July 16, beating expectations for 240,000 and reaching the highest level since November last year. U.S. stocks continued to climb on Thursday, with the major indexes posting a three-day winning streak. The S&P 500 rose 0.99% on Thursday, the Dow gained 0.51% and the Nasdaq rose 1.36%.

Affected by the strengthening of the U.S. stock market, the Hang Seng Index (HSI) opened up 0.78% on Friday and surged to a peak of 1.02% in early trading, then retreated lower and gained only 0.17% to close. The Hang Seng Technology Index closed up 0.33% on Friday. The net inflow of funds into the Hong Kong stock market through Hong Kong Stock Connect on Friday was 1.593 billion yuan.

On Friday, 34 stocks in the Hang Seng Index rose, 31 fell and 4 were unchanged. The top three best-performing stocks were: Sands China Ltd., up 3.84%; Orient Overseas International, up 3.67%; and Hang Lung Properties, up 2.47%. The top three worst-performing stocks were: Zhongsheng Holdings, down 5.81%; China Hongqiao, down 2.59%; and Techtronic Industries, down 2.42%. The major heavyweights were as follows: Tencent Holdings fell 0.6%; Alibaba rose 0.1%; China Construction Bank rose 0.61%.

The Hang Seng Index (HSI) ended up only down 0.62% in the second quarter, does this mean that the third quarter will turn the salted fish into a positive?

Hang Seng Index (HSI) Trend Analysis

The daily chart shows that the Hang Seng Index (HSI) rebounded slightly but still closed below 20700, and there is a greater risk of continuing the decline since the high point in June. If it meets expectations, it may point to 20200 and 20000 levels. If it returns to the top of 20700, the upward resistance will focus on the 50-day moving average of 21000. (Follow the author on Twitter @Legen_DailyFX )

The content on this page is for general market commentary only and may not constitute investment advice of any kind (tax, legal, accounting). This article does not constitute an invitation or recommendation for direct investment in specific financial products. The content is for reference only. Readers should not rely on the information in this document, nor should its actions and omissions be relied upon. We are not responsible for the results of any person’s actions or omissions based on this article. We make no warranties as to the accuracy of the content provided or the adequacy of the information. This article is not intended for distribution within the territory of the People’s Republic of China (excluding Hong Kong, Macau and Taiwan for this purpose), except as permitted by the applicable laws of the People’s Republic of China.

Copyright Notice: Except for the purpose of viewing the information on this website, or as permitted by applicable law or these terms and conditions, no one may copy, use, upload, link, or publicly perform in any way to third parties without our specific written permission , publish or transmit any information or content on this website. We reserve the right to further investigate the legal responsibilities of the relevant actors for the infringing acts of unauthorized reprinting. If you have business cooperation needs such as market promotion and resource exchange, please contact us.

element inside the element. This is probably not what you meant to do! Load your application’s JavaScript bundle inside the element instead.

You may also like

Leave a Comment

Our Mission is to help you make better trading decisions by providing actionable investing content, comprehensive tools, educational resources and assist you in making more money in the stock market.

Latest News

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

@2022 – All Right Reserved. Designed and Developed by WOOW Invest

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy