INVESTMENT DAILY

类型：投资策略机构：凯基证券有限公司研究员：凯基证券研究所日期：2014-07-23

The Hang Seng Index is expected to trade at 23,700 to 24,000today

    Hong Kong market gained strong momentum on Tuesday. HSI opened higher in themorning and extended gains then. HSI once hiked 416 points at most, it closed at23,782, up 395 points. HSCEI also rallied 249 points to close at 10,605. Maketturnover suged to HK$71.7bn. AIA (1299 HK) was about to announced its interimresults, the counter rose 3.3%.

    Since overall corporate quarter earnings released on Tuesday is better thanexpectation, while there is progress on geographical tension at Ukraine, US stockmarket resumed its upward momentum on Tuesday. Of which, S&P index closed atits new high. Besides, the Dow and the Nasdaq also closed 62 points (to 17,114) and31 points (to 4,456) higher respectively. On the other hand, thanks to weakness ofEuro against US dollar, US Dollar index rose to 80.8.

    Since China does not have repo on Tuesday, it triggered HK stock and A sharemarket to rise sharply on Tuesday. Looking ahead, investors will eye on whether Ashare market rally could sustain. Hang Seng Index major resistance is at 24,000.

    Technical Analysis

    Hang Seng Index closed with large white candle on Tuesday. Technically, HangSeng index saw the year high, couple with MACDs bullish gap appeared, showingmomentum turning stronger. Hang Seng index first support would be early July’shigh of 23,626, while next support would be seen at 20DMA (23,360). For resistance,24,000 become first resistance, while next resistance would be seen at 24,500.