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：2014-09-26

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

    Hong Kong market rebounded on Wednesday, but momentum was weak. Although USand euro market dropped as US take air strikes against Islamic state, Hong Kong marketstabilized after correction for several days. HSI rallied 85 points to close at 23,922.

    Chinese share outperformed the market. HSCEI gained 148 points to close at 10,717.

    Market turnover posted HK$75.2bn. Oil sector and F&B sector outperformed. Tingyi(322 HK) advanced 4.0% to be the best performer of bluechips. While Sands China(1928 HK) and Galaxy Entertainment (27 HK) further declined 1.6% and 1.5%,respectively.

    A stronger-than-expected report on new-home sales and dovish comments from twoFederal Reserve officials, helped the US stock market to reverse the recent decline onWednesday. Thanks to buying interest on health care and consumer staples sectors, theDow and the Nasdaq closed 154 points (to 17,210) and 47 points (to 4,555) higherrespectively. On the other hand, US dollar continued its strength with US dollar indexclosed above 85 level and hit 4 year high.

    Volatility on global stock market, continued to impose pressure on local stock market.

    However, as HK stock accumulated significant loss, together with anticipated windowdressing activities ahead of quarter end, we expect the local market to continue itsconsolidation at 24,000.

    Technical Analysis.

    Hang Seng Index closed with white candle on Wednesday, Technically, Hang Seng indexclosed at above 100DMA (23,759), coupled with MACD bearish gap narrowed, showingthat momentum turning stable. Hang Seng index first support would be 100DMA(23,759), while next support would be seen at 23,500. For resistance, 10DMA (24,232)become the first resistance, while next resistance would be seen at 50DMA (24,544).