Hang Seng slumped this week, Global Economic Recovery Concerns


(Vibiznews - Index) - In trading on the Hong Kong stock market this week (28/09-02/10), Hang Seng experienced a sharp decline. Hang Seng Index futures contract month for sustainable decreased by 537 points from its opening level at the beginning of the week.

At the beginning of the week, Hang Seng Index futures contract month for sustainable opened at 20,803 level and move down to the 20,644 level. However, this index had climbed to the highest level this week at the 21080th position on 29th September, but then slumped back on the weekend and closed at 20,266 positions.

Earlier this week the Hang Seng for the contract months of continuous increases after falling sharply the previous week. But the day before the celebration of the independence of the China Thursday 60 yesterday, the index moved lower visible because of a national holiday, which many investors to liquidate profits.

Toward the end of the week, a report released drafts manufacturing unemployment rate United States claims that it showed poor results. This provides a global negative sentiment due to concerns hamper global economic recovery, that which is reflected from the degeneration that occurs in the U.S. market, Europe and Asia. But China's manufacturing data for the period of September 2009 which was released on Thursday showed a growth of 54.3 from 54.0 the previous period, this indicates China's business climate continues to improve.

If you see the movement of the index futures have fallen sharply, is expected next week likely to bounce back. Saturday tomorrow G-7 will meet, the results of the meeting will also greatly affect the global sentiment.

According to analysts of Vibiz Vibiz Research Consulting, Hang Seng Index contract month for potential sustainable levels rose to 20,870 if you manage to break through resistance at 20,540 level. Attenuation may occur if the past level of support at 20,190 to 19,770 level.