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：2015-06-29

The Hang Seng Index is expected to trade at 27,100 to 27,600today.

    Hong Kong market opened higher by 63 points and narrowed traded then. HSI oncefell into negative territoty in the afternoon but soon rebounded followed A sharemarket. It gained 72 points to close at 27,405. HSCEI also gained 75 points to close13,685. Market turnover reported HK$1,170bn. Oil sector gained strong momentum,Petro China (857 HK) mid results beats, the counter rallied 3.2%.

    Since Greece and its creditors made little progress in negotiating a debt deal, USstock market fell on Wednesday. Although final revised US First Quarter GDPdropped lower than original estimation, US stock market still extended its drop. TheDow and the Nasdaq closed 178 points (to 17,996) and 38 points (to 5,122) lowerrespectively. On the other hand, US oil inventory reported is higher than expectation,oil price dropped 1.2% to US$60.3 per barrel.

    Although China government cancel the 75% LDR constraint for mainland banks,given strong resistance expected for Shanghai Composite at 5,000, US dollarstrength, and lack of progress on Greece debt talk, HK stock market is still uncertainin the near term. Hang Seng Index major resistance is expected to see at 50 DaySMA(27,528).

    Technical Analysis.

    Hang Seng Index closed with cross star on Wednesday. Technically, market regained20DMA (27,153), couple with MACD appeared bullish gap, showing thatmomentum turning stable. Hang Seng index first support would be 10DMA (26,965),while next support would be 26,553. For resistance, 50DMA (27,528) would becomethe first resistance, while next resistance would be seen at 28,000.