Stress outbreak in Asia

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05/23/2019 | 05:05 pm
Asian stock exchanges are once again giving way in the face of the continuing deterioration in relations between Washington and Beijing, a veritable technological cold war.




Over the last five sessions, the index dropped by 3.7%.

In this context, few Hang Seng values resist the wave of profit taking. Over this reference period, a handful of stocks managed to stand out such as Bank of China (+2.2%) or the electricity supplier CLP Holdings (+4.7%).

On the other hand, some companies are under pressure from the selling current, such as Tencent (-7.2%) or Sunny Optical Technology (-13%), the latter being particularly affected by the Huawei case.
Graphically, on a daily basis, the Hong Kong Index confirms its negative short-term trend. The decline began to gain momentum with 2900 points lost in a single movement.

Moving averages become negative again and the next contact with the support of 26860 points is crucial for the holding of the courses. Indeed, a break would send the index in the direction of the lowest, from the end of 2018, to 25000 points. On the other hand, a rebound could be envisaged up to 29,000 points, but the obstacles to achieving this are likely to be tough.

 
Patrick Rejaunier
MarketScreener.com 2019
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