Chart of the day: August’s top dogs
The H-share index was the best performer among Bloomberg’s “primary” equity indices, having gained 6.5 per cent on the month, just ahead of the Hang Seng Index, which rose almost 5 per cent. The Shanghai Composite Index ranked 10th, making it a hat trick for the Asian giant. At the bottom of the pile were Venezuela (minus 7.75 per cent), Laos and Lusaka (minus 6.68 per cent). The pullback from August’s high is seen as a constructive retracement where what had been resistance at around 9,700 points became support. Helped by the rising trend line and the 50-day moving average, plus the golden cross over the 200-day one early in the month, this week’s bounce was expected. Targets remain at 10,100 and 10,400 points.
Nicole Elliott is a technical analyst