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：2015-01-07

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

    Hong Kong market tumbled followed US market. HSI opened lower by 206 pointsand extended loss to 408 points at most. It recovered some loss in the afternoonfollowed A share market and sank 236 points to close at 23,485. HSCEI dipped 216points to close at 11,991. Market turnover reported HK$115bn. Railway sector,financial sector were lack of momentum and seesawed. Gaming sector and oil sectorwere under pressure.

    Owing to weaker than expected economic data released on Tuesday, together withweakness of oil price, US stock market continued its decline on Tuesday. After avolatile trading day with intra-day range move from +80 to -230, the Dow closed130 points lower (at 17,372) while the Nasdaq also dropped 60 points (to 4,593).

    Funds continued flow into US Treasury with 10 year bond yield fell to 1.96%.

    US dollar continued its strength, together with oil price falling sharply, emergingmarket turned weak which offset positive from A share strength. Major support forHSI is at 250 Day SMATechnical Analysis.

    Hang Seng Index gap opened and closed with gyro on Tuesday, Technically, HangSeng Index dropped below 50 DMA (23,585), and MACD bullish gap narrowed,showing that momentum turned weak. Hang Seng index first support would be 250(23,236), while next support would be at seen at 23,000. For resistance, 50DMA(23,585) would become the first resistance, while next resistance would be seen at100 DMA(23,876).