Hang Seng rose due to higher oil prices
Hang Seng stock exchange in the previous session to close at 20776. The strengthening Hang Seng price can not be separated from rising crude oil prices in the world.
US crude oil futures price of West Texas Intermediate (WTI) rose 49 cents, or 1 percent, at $ 49.11 per barrel. While the price of Brent crude oil futures traded on the international $ 50.03 per barrel, up 39 cents, or 0.8 percent of their final closure.
In last session trading, the energy stocks rose. PetroChina shares rose 1.3 percent, China Petroleum shares rose 0.18 percent, CNOOC rose 0.63 percent, China Shenhua Energy shares rose 0.31 perse. While the movement of the Hang Seng index futures rose 76 points, or 0.37% at 20,787.00, up from the previous closing at 20,711.00.
Analysts forecast that the Hang Seng index movement will weaken due to depressed economic concerns of China and still lack fundamental amplifier in China’s domestic economy. But it would also examine the development of Wall Street dab crude oil prices, which if strengthened would support the market’s gains, and vice versa.
Technically,
Resistance: 20904 20963 21153 High / Low: 21667/19430
Support: 20729 20618 20 569 Closed Price: 20 776
Comment: For intraday trade today suggest Sell 20 628; stop loss at the level of 20483; target at 20554.
The dollar began to recover
The dollar slowly began to return to secure his position. After the price of the dollar had fallen on Friday, this week the dollar began to rebound following a statement that Janet Yellen on US interest rates are almost certain to occur in the summer of this year.
Federal Open Market Committee (FOMC) will soon leave seven years without interest rate policy by raising interest rates for the first time in nearly a decade. The FOMC has left the Federal Funds rate targets benchmark unchanged in a range between 0.25 and 0.50% in each of the first three meetings this year.
“If the incoming data is consistent with labor market conditions strengthen and inflation are making progress toward the goal of 2 percent as we expected, the continuation of a gradual rise in interest rates going according to plan,” said Yellen.
Currency pair Euro and USD in the morning session ni traded between 1.1351 price and the price at the 1.1359 figure before eventually settling at 1.1361 when this article was made, up about 0.05% in the previous session. The euro extended gains from Friday when it jumped nearly 2% against the dollar after the release of US monthly employment data is the weakest in the last six years. With a slight advantage, the euro remained near its highest price in three weeks against the United States.
Technically,
Resistance: 1.1369 1.1382 1.1389 High / Low: 1.1393 / 1.1095
Support: 1.1247 1.1338 1.1292 Running Price: 1.1356
Comment: For Intraday trade today suggest Sell 1.1306; stop loss level at 1.13436; level targets at the 1.1210 level.
United Arab Emirates plans to raise non-oil revenues the country
United Arab Emirates plans to increase non-oil sectors of government up to 3 times more than they are now, by means of pressing public sector salaries survived the next five years. Prime ministerial in Arabia said on Monday, as they explain this reform aims to reduce economic dependence on Minya sector, for a more sustainable future.
National Transformation Plan (NTP) intends to increase non-oil revenues hinga $ 141 billion in 2020, and also created 450,000 non-government jobs, Reporting from the prime minister and the document distributed to reporters in Jeddah yesterday. NTP, which includes more than 500 projects and initiatives as well as performance indicators for ministries and other government agencies, will cost about 270 billion riyals to implement, the document showed.
Minister of State Mohammed Al al-Sheikh said the charge will have no impact on budgetary expenditure Arabia, adding that over 300 billion riyals expected to contribute to NTP initiatives by the private sector. It is a plan which parts so broad, long-term journey of reform, known as Vision 2030, which was announced by Deputy Crown Prince Mohammed bin Salman in April. He aims to overhaul many aspects of the economy and society of Saudi Arabia as the kingdom prepares for the future of shrinking oil revenues and a rising population.
Financial world’s top oil exporter has been hit hard since the summer of 2014, when prices slumped, producing a state budget deficit of nearly $ 100 billion last year.
Technically,
Resistance: 49.84 49.99 50.12 High / Low: 50.02 / 47.69
Support: 49.56 49.40 49.11 Running Price: 49.64
Comment: For intraday trade today suggest Sell 49.30; stop and reversal time break 48.94; and at the level of the target reversal 49.11.
