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：2015-06-12

The Hang Seng Index is expected to trade at 26,800 to 27,200today.

    Hong Kong stock market rebounded on Thursday, yet it failed to reach 27,000 again.

    HSI closed at 26,907 at noon, increasing 220 points. HSCEI closed at 13,743,gaining 126 points. Turnover was $124.3 billion. Mainland Insurance industry ledthe market gain whereas Mainland Banking stocks didn’t rise much. Moreover,mainland property investment in May year-to-date rose 5.1% on annual basis. Thisgrowth rate is 0.9 percentage point slower than that during the first four months,showcasing that the worst moment for mainland property sector may have gone.

    Several major property stock prices remained stable.

    Wall Street stocks rose Thursday after a solid US retail sales report suggestedAmerican consumers are gaining confidence after a sluggish first quarter. However,gains were narrowed on The International Monetary Fund (IMF) quite Greek talkson Thursday, US dollar gain on strong retail sales data as well as bolsteredexpectations the Federal Reserve will raise interest rates this year.

    MSCI emerging market index fell, fund outflow from emerging market due toconcerning the trend of US increase rate. Market eyes on Federal meeting next week.

    Looking ahead, new SARS and meeting of LegCo become uncertainties, couple withfund outflow from emerging market, may limit the upside of Hong Kong share,initial resistance would be seen at 50DMA.

    Technical Analysis.

    Hang Seng Index closed with gyro on Thursday. Technically, market dropped below27,000, couple with MACD bearish gap maintained, showing that momentumremained weak. Hang Seng index first support would be 26,574, while next supportwould be 26,000. For resistance, 50DMA (27,334) would become the first resistance,while next resistance would be seen at 20DMA (27,507).