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：2015-06-04

The Hang Seng Index is expected to trade at 27,500 to 27,900today.

    Although A share price is volatile, US stock market is lack of momentum and Europeas well as US bond yield rose sharply, Hang Seng Index performed well onWednesday. It is mainly thanks to CK Property (1113.HK) excellent performance onits first day listing, which brings 219 points gain to the index. Hang Seng Indexclosed 191 points higher at 27,657. However, H share index fell 87 points to 14,115.

    Market turnover was HK$1505bn. On the other hand, funds flow into railwayinfrastructure sector, China Railway Construction(1186.HK) rose 4.2%.

    Since there seems to be progress on Greece debt talk, Europe stocks rose onWednesday. Besides, US private sector hiring picked up in May as well as shrinkageof trade deficit in April, both help to lift the US stock market on Wednesday. TheDow once rose 157 points, and closed 64 points higher (at 18,076). The Nasdaq alsorose 23 points (to 5,099). On the other hand, Europe Central Bank adjusted upwardinflation expectation, Europe and US treasury picked up substantially. Of which, 10Year US Treasury Yield rose to 2.37%A share rose to near the major resistance level at 5,000. Together with China GEMboard hit new high, we expect A share market to be volatile. For HK market,although Hang Seng Index rose on Wednesday, but no. of stock advance is much lessthan decline, HK market momentum is not strong.

    Technical Analysis.

    Hang Seng Index closed with cross star on Wednesday. Technically, market regained20DMA (27,615) coupled with MACD bearish gap narrowed, showing thatmomentum turning stable. Hang Seng index first support would be 27,000, whilenext support would be 50DM (27,015). For resistance, 10DMA (27,703) wouldbecome the first resistance, while next resistance would be seen at 28,000.