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：2014-07-25

HK Market Continued its Rally

    Hong Kong market maintained momentum in expectation of China’s favourablepolicies. HSI opened higher by 59 points and once gained 194 points at most, itclosed at 23,972, up 190 points. HSCEI also advanced 215 points to close at 10,821.

    Market turnover surged to HK$79.8bn. SOE reform concept stocks were the majordrivers of the market. China property sector gained strong momentum as number ofcities reached 30 that relax HPL. China Resources Land (1109 HK) rallied 7.5% tobe the best performer of bluechips.

    US Market Performed Mixed

    Corporate reports dominated the performance of US stock market on Wednesday.

    Apple released strong iphone sales and earnings reports, its share price rose whichhelped to lift S&P and Nasdaq. On the other hand, weakness of Boeing share priceafter its result announcement hurt Dow index. US stock market finished mixed, theDow closed 27 points lower (at 17,087) while the Nasdaq rose 18 points (to 4,474).

    On the other hand, oil price added US$0.7 to US$103.1 per barrel thanks to lowerthan expected oil inventory reported.

    The Hang Seng Index is expected to trade at 23,800 to 24,200 today

    There are more cities to release the housing purchase limit, as well as State Councilraised measures to solve the funding problem of SME, we expect that it wouldsupport the local market. Hang Seng Index resistance will be seen at 24,112.

    Technical Analysis

    Hang Seng Index closed with large white candle on Wednesday. Technically, HangSeng index saw the year high, couple with MACDs bullish gap expanded, showingmomentum turning stronger. Hang Seng index first support would be early July’shigh of 23,626, while next support would be seen at 50DMA (23,169). For resistance,24,000 become first resistance, while next resistance would be seen at 24,500.