Home Forex Markets Hang Seng Index (HSI) fell back to fill the gap, Tencent’s stock price rose against the trend

Hang Seng Index (HSI) fell back to fill the gap, Tencent’s stock price rose against the trend

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Hang Seng Index (HSI) fell back to fill the gap, Tencent’s stock price rose against the trend

The U.S. stock market continued to be weak overnight. On Thursday, the Hong Kong Hang Seng Index (HSI) fell back to fill the gap yesterday, closing down 0.79%. Technically, the upward trend since November is still intact, and the Hang Seng Index is expected to resume its upward challenge of 20,000 points.

Hang Seng Index (HSI) fell 0.79%, Tencent Holdings rose 2.76%

Overnight U.S. data showed that the monthly rate of pending home sales in November recorded -4%, worse than the expected -0.8%, and fell for the sixth month; the year-on-year decline in pending home sales continued to expand to -37.8%. It’s a sign that the U.S. economy continues to slow. U.S. stocks were weak on Wednesday, with the S&P 500 closing down 1.2%, the Dow Jones down 1.1% and the Nasdaq down 1.35%.

Affected by the weakness of overseas markets such as US stocks, Hong Kong’s Hang Seng Index (HSI) fell 1.26% at the opening on Thursday, falling as low as 1.80% in early trading, and then rebounded to narrow the decline, closing down 0.79%. The Hang Seng Technology Index closed down 2.49% on Thursday. On December 29, the net inflow of funds into the Hong Kong stock market through Hong Kong Stock Connect was 5.601 billion yuan, and the net purchase was 4.001 billion yuan.

Hong Kong’s chief executive said yesterday that Hong Kong plans to cancel all entry mandatory nucleic acid testing and social distance measures, and plans to implement customs clearance before January 15. In addition, China’s National Press and Publication Administration released the approval information for domestic online games in December, a total of 84 games were approved, and another 45 imported online games were approved. The news clearly supported Tencent’s share price on Thursday.

How will the Hang Seng Index open 2023 after a thrilling year? Click to download “Hang Seng Index, Hang Seng Technology and Taiwan Weighted Index 2023Q1 Outlook”

On Thursday, 16 stocks in the Hang Seng Index rose, 56 fell and 4 were flat. The top three constituent stocks with the best performance and their gains were: Hansoh Pharmaceutical rose 3.73%; WuXi Biologics rose 3.03%; Tencent Holdings rose 2.76%. The top three constituent stocks with the worst performance and their declines were: Sunny Optical Technology fell 6.95%; Jingdong Group fell 5.38%; Ali Health fell 4.53%. The main heavyweights performed as follows: Tencent Holdings rose 2.76%; Alibaba fell 2.45%; China Construction Bank rose 0.41%.

Hang Seng Index (HSI) Trend Technical Analysis

The daily chart shows that the Hang Seng Index (HSI) fell back to fill the gap formed on Wednesday. If it falls further, pay attention to the support of the upward trend line and the 20-day moving average (19200-19400 area) since November. Considering that the upward trend since November is intact, As long as the pullback holds the above-mentioned support area, the Hang Seng Index is expected to resume its upward challenge of 20,000 points, and once it breaks through effectively, it will open up further upward space. (Follow the author on Twitter @Legen_DailyFX )

Hang Seng Index (HSI) fell back to fill the gap, Tencent's stock price rose against the trend

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