The day before the holiday, the Hang Seng Index closed at 24,427.19, up 0.52% after being bullish above 1%. Following the official Chinese Manufacturing Purchasing Managers' Index (PMI) report rose to a three-month high of 50.9 in June from the previous 50.6 in May.
Another strength that underpins the increase in Hang Seng is the US employment growth data. The positive sentiment of the Hong Kong stock exchange that is still happening today is still overshadowed by pressure with the release of the new China Security Act in the country with the two governments.
The situation that began to fluctuate with the loud protest of some people in Hong Kong to make trading on the Hong Kong exchange must remain vigilant
Technically, Hang Seng's prediction today (2/7/2020) remains in a bearish trend with the highest range of 2.4550 rise. This is based on investor expectations of US bond yields and Wall Street's optimism rebounding slowly.
Author: Andri Darmawan (R&D)
Note: This paper is only an analysis and not as a definite reference. Keep in mind the development of fundamental and technical aspects of transactions and investment decisions.
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