{"id":143247,"date":"2019-03-08T10:35:48","date_gmt":"2019-03-08T15:35:48","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=143247"},"modified":"2019-03-08T06:14:15","modified_gmt":"2019-03-08T11:14:15","slug":"hk50-stocks-analysis-hong-kongs-economic-growth-slowed-in-q4-2018","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/03\/hk50-stocks-analysis-hong-kongs-economic-growth-slowed-in-q4-2018\/","title":{"rendered":"HK50 Stocks Analysis: Hong Kong\u2019s economic growth slowed in Q4 2018"},"content":{"rendered":"
March 8, 2019<\/div>
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By IFCMarkets<\/a><\/strong><\/p>\n

Weak data bearish for HK50<\/strong><\/p>\n

Hong Kong\u2019s economic growth slowed in Q4 2018 and private sector contraction continued in February. Will the HK50<\/a> continue declining?<\/p><\/blockquote>\n

Recent Hong-Kong economic data were weak: the economy shrank 0.3% over quarter in the last three months of 2018, the private sector contraction continued in February for eleventh straight month, however retail sales increased 6.9% over year in January after 0.1% growth in December and foreign exchange reserves increased from 432.1 billion Hong Kong dollars in January to 434.5 billion in February. At the same time latest Chinese data were negative: balance of trade surplus dropped to 4.12 billion dollars in February from 39.16 billion the previous month, with imports declining 5.2% year over year to 131.12 billion while exports fell 20.7% to 135.24 billion. China is Hong Kong\u2019s biggest trading partner, and falling Chinese imports mean shrinking market for Hong Kong\u2019s exports. Weak economic data are bearish for HK50.<\/p>\n

\"HK50<\/p>\n

On the daily timeframe the HK50: D1<\/b> has breached below the support line, and is testing the Fibonacci 23.6 support level.<\/p>\n