CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

Hang Seng Index edges up despite early dips in Tencent, HSBC share price

The index rose up nearly 1% an hour into trading on Friday 03 April.

Hong Kong equity benchmark Hang Seng Index is finishing the week on a better note.

The index rose up nearly 1% an hour into trading on Friday 03 April, amid what has been a relatively uneventful week for the markets, especially considering the mayhem of recent weeks.

Pre-market fair price estimates based on IG data had pointed to healthier Friday levels, with HSI futures trading 1.73% higher as at 05:00 HKT on 03 April.

Read also: Top 5 Hong Kong stocks to watch amid the coronavirus

‘Lack of inspiration’ from Wall Street

Thursday’s session was also a move in the right direction for the Hang Seng, as it rallied nearly 400 points to finish 1.7% higher for the day, despite what IG Asia market strategist Pan Jingyi calls a ‘lack of inspiration’ from Wall Street.

Still, she warns that caution may set in for the market in the afternoon ‘as we await weak US jobs numbers after seeing another record jobless claims reading and as the region breaks for the weekend’.

IG offers weekend trading options for the Hang Seng Index and other major indices. Buy long or sell short on the Hang Seng Index by trading CFDs and other instruments via IG's market-leading platform. Open an IG account today.

Leading the Hang Seng’s early gain on Friday were: Bank of China Hong Kong (+3.4%); Chinese telecommunications provider China Mobile (+2%); state-owned Chinese telco China Unicom (+5.47%); transport operator MTR Corporation (+2.5%); and property developer China Overseas Land and Investment (+1.7%).

Early losers included: internet and technology firm Tencent (-1.2%) – which contributed a 20% index change; UK financial institution HSBC (-2.2%); Chinese insurance firm Ping An Insurance (-1.0%); and China Construction Bank (-0.8%).

Read also: Why is the Tencent share price rising when other Hong Kong stocks are falling?

Hang Seng Index crashed 16.3% in first quarter of 2020

The HSI was up as much as 2% earlier in the week, when it opened nearly 500 points at the start of Tuesday’s (31 March) market, buoyed by better-than-expected China Purchasing Managers’ Index for the month of March.

This week’s improvement is a reverse of last week, when the benchmark had plunged 4.86% on 23 March - its largest one-day drop so far this year.

For the first quarter of 2020, the Hang Seng Index recorded a 16.3% loss, thanks to the coronavirus pandemic which has gripped global financial markets and trading sentiments.

Across the region, China’s Shanghai Composite Index plummeted 10% for the first three months of the year, Japan’s Nikkei 225 Index and South Korea’s Kospi both took a 20% hit, while Australia’s ASX 200 fared the worst, collapsing 24%.

IG is a world-leading online trading and investments provider for thousands of financial markets. Buy long or sell short on the Hang Seng Index via CFDs and other instruments via IG's innovative trading platform. Start today by signing up for an IG account.

This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It 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.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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