Hong Kong market jumped 3% in the morning session. The market surged after the announcement of Shenzen-Hong Kong connect will be launched by this year. Cash market closed at 23272.66, +3.12% and November futures closed up 704 at 23284 in morning session. Range of the day for futures market is between 22661-23347 (686). Three day range for Hang Seng Index spot futures is 1117 points.
Will Hong Kong Index further up in the afternoon market? We believe it might if short covering happened. Resistant is at 23600. We see immediate support at 23000. Further down, 22800 previously was resistant is now the next support.
The Shenzen-Hong Kong news is favor to the finance and banking stocks. Hong Kong Stock Exchange (HK: 388) closed up 9% and most of the securities companies share price is positive, including the Emperor Capital Group (HK:717) we are holding, up 15% in the morning session.
Let's see what happen to the market by today's closing.
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