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：2014-09-15

The Hang Seng Index is expected to trade at 24,500 to 24,900today

    Hong Kong stocks opened 4 points lower on Thursday, Hang Seng index oscillate,with market fell 42 points to 24,662. H-share index dropped 84 points to 11,032.

    Market turnover increased to HK$70.9bn. Lenovo (992) chairman reduced holding,share price dropped 4.2%. Telecom plays rebounded, with China Unicom (762)added 1.6%. China government support reform for medical sector, Sinopharm (1099)and Sihuan (460) jumped 3.2% and 5% respectively, both hit 52 weeks high.

    Weekly jobless claim data unexpectedly above expectation, triggered US stockmarket decline more than 80 points on early session. Thanks to buying interest onoil stocks and banking stocks, US stock market recovered from early loss. The Downarrowed its loss to close 20 points lower at 17,049 while the Nasdaq closed 5 pointshigher at 4,592. On the other hand, after recent weakness, oil price rebounded onThursday which added US$1.2 to US$92.8 per barrel.

    Owing to US interest rate hike concern, 10 year US Treasury Yield rose above 2.5%.

    Together with mainland economy below expectation, Hang Seng Index fell below25,000. Major support moved to 24,000. Looking ahead, investors will eye on theFederal Reserve meeting on Wednesday which will release the latest view of futurerate hike.

    Technical Analysis

    Hang Seng Index closed with gyro on Thursday, Technically, after Hang Seng indexdropped below 10DMA (24,940) and 20DMA (24,983), followed by narrow trading,couple with the MACDs bearish expanded, showing that momentum remained weak.

    Hang Seng index first support would be 50DMA (24,403), while next support wouldbe 24,000. For resistance, 25,000 would become first resistance, while nextresistance would be seen at year’s high of 25,363.