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Monday, 2 March 2009

Hang Seng Index

Asian stocks closed mixed on Friday as economic fears weigh. The Hang Seng fell 83 points to close at 12,811.57 with turnover shrank to HKD 38 billion compared with HKD 39.4 billion on Thursday. Ahead of its earnings on Monday, HSBC, the second most heavy-weighted share in the index, declined 0.7% to HKD 56.95, after rising 7% in the last two sessions. The share dragged the index down by 12.8 points on Friday.

The technical outlook of HSI is negative. The index had been range trading between 12,600 – 13,200. It attempted to rise above its 5 days SMA during the day but was unable to sustain above it.

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