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：2014-10-09

The Hang Seng Index is expected to trade at 23,200 to 23,600today

    Hong Kong market retreated on Wednesday. HSI opened lower by 200 points andnarrowed loss then. HSI dropped 159 points to close at 23,263. HSCEI also sank 74points to close at 10,395. Market turnover posted HK$65.1bn including shares soldby ubstantial shareholder of HKT-SS (6823 HK) and Jintina Pharm (2211 HK)which was about HK$1.7bn aggregately. A share market only gained 0.8% afterholiday. Macau gaming stocks, property stocks and energy stocks underperformed.

    The minutes released Wednesday showed the Fed is still very concerned with globalgrowth slowing as well as impact from strong US dollar, investors speculated thatthe Federal Reserve might not aggressive to increase interest rate, US market sharplyrebounded on Wednesday and scored their biggest one-day gains of the year. TheDow and the Nasdaq closed 275 points (to 16,994) and 83 points (to 4,469) higherrespectively. Besides, concerns of weak demand but supply remained sufficient, oilprice dropped US$1.5 to US$87.3 per barrel.

    A share continued to perform well, but Occupy Central and overseas marketremained uncertain, HK market consolidated recently. However, given the positiveimpact from Fed minutes, we expect local market to open higher on Thursday. HSIinitial support will be seen at 250 Day SMA(23,176).

    Technical Analysis

    Hang Seng Index closed with gyro on Wednesday, Technically, index regained250DMA (23,176), coupled with the MACD bearish gap narrowed, showing thatmomentum turning stable. Hang Seng index first support would be 250DMA(23,176), while next support would be seen at 23,000. For resistance, 10DMA(23,443) become the first resistance, while next resistance would be seen at100DMA (23,857).