Sunac Holdings gets boost from stimulus

Source: Dukascopy Bank SA


Sunac Holdings. In general, the firm is a major property developer. The stock of the firm was valued at 50.00 HKD, before the COVID pandemic and the follow-up 2020-2023 Chinese property crisis. During the crisis, the sector experienced a major decline, as the Chinese economy did not only slow down, but its real estate sector was hit by one bankruptcy after another. Namely, a bubble burst. In September 2023, Sunac announced bankruptcy.

The company was trading at bankruptcy prices until recent fundamental events. Most recently, the announcement of Chinese stimulus measures caused a major recovery of the Sunac Holdings stock. However, after hitting the 5.5030 level, the price declined and found support in the 2.00 mark after the hype calmed down.

In regard to the technical view and potential future outlook, watch the 2.0000 level as support. The 50 and 200-day simple moving averages could strengthen the notable level. Further below, note the absolute low level at 0.8700.

On the other hand, a recovery of the price might pause at 3.6200 and 5.5030. However, due to the fundamental nature of the stock, any pause is expected to be short-lived, if the company recovers.
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