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HK50 Outlook & Relaxation of China COVID Zero Strategy

Reuters reported that the Chinese government would announce new COVID-easing measures this week. Rumours have swelled among Chinese and overseas investors, sparking the best monthly rally in Hong Kong-listed Chinese stocks since November 2003. Things remained continuously bullish for the HK50 in the first week of December.

China’s government-planned changes come after significant cities from Beijing to Shanghai and Shenzhen in the past two weeks rapidly rewound policies such as mass testing and wider-range lockdowns. Expanding the rule nationwide so quickly represents a significant shift away from the bedrock practice of the “elimination strategy” and increases the investor’s confidence. From the HK50’s bottom of September, it already rose 20%.hk50 daily chart december 2022-1

HK50 Day Chart

The HK50 index was rejected at 19600 on Tuesday. At this moment, the critical point is to trigger the adjustment. Investors wait and see the support at 19075 in the daily chart. Once hit and rebounded, the index will break through the previous resistance on Tuesday, and it will have more room to move upward, with the target at 19786 and a retest of the last high at 20693.

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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