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：2015-06-23

The Hang Seng Index is expected to trade at 26,500 to 27,000 today.

    US stock market rose sharply on Thursday, which helped to boost the performanceof Hong Kong Stock market on Friday. Although China A share dropped 2%, thanksto the led of heavy weighted stock, the Hang Seng index rose 289 points to close thehalf at 26,984. H share index added 178 points. Market talks saying that LegendHolding(3996.HK) will list at high end of the IPo price, Lenovo(0922.HK) rose near4%. Besides, Russia media said China might in talks with Russia to build a railway,CRRC(1766.HK) rose 6%.

    Europe Central Banks approved an emerging loan to Greece banking system lastFriday. However, it does not provide much confidence to investors. US stockmarket fell after Thursday’s sharp rebound. The Dow and the Nasdaq closed 102points (to 18,014) and 16 points (to 5,117) lower respectively. Looking ahead thisweek, investors will focus on whether Greece government new proposal to besubmitted on Eurozone leaders meeting Monday could solve the current debt talksdeadlock. Besides, market focus will also on a series of US economic data to bereleased this week.

    A share investment sentiment turned weak, together with Greece debt issue, are stillmajor short term concerns for HK stock market. However, as H share market istrading at 10x prospective P/E, valuation is okay. Investors could increase its stockexposure during current market weakness.

    Technical Analysis.

    Hang Seng Index closed with black candle on last Friday. Technically, marketdropped below 10DMA (26,882), however MACD bearish gap narrowed, showingthat momentum remained stable. Hang Seng index first support would be 26,553,while next support would be 26,000. For resistance, 27,000 would become the firstresistance, while next resistance would be seen at 20DMA (27,278).