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：2015-07-20

The Hang Seng Index is expected to trade at 25,000 to 25,400today.

    Hang Seng Index kept staying around 25,000 points on Thursday. It closed at 25,162,rising 107 points. HSCEI closed at 11,749, increasing 67 points. Turnover for themorning session was $91.6 billion. Eastern Airlines(0670), which issued a profitsurprise alert, jumped 9.4%. Mainland property sector benefit from sales surge,stimulating stock prices, among which China Overseas Land(0688)and ChinaResources Land(1109)climbed over 4%.

    Fears of a Greek exit from the eurozone subsided. Besides, several technologycompanies share price performed well after announce of their quarter earnings. USstock market rebounded on Thursday while the Nasdaq reaching a new closing high.

    The Dow and the Nasdaq rose 70 points (to 18,120) and 64 points (to 5,163)respectively. Besides, after market close, Google released its quarter result, whichbeat market expectation, its share price rose 11% in after hour trading.

    Hong Kong stock market daily turnover shrank below HK$100bn yesterday, reflectsinvestors prefer to stay sideline. Investors are now eyeing on A share marketperformance especially after future expiry today.

    Technical Analysis.

    Hang Seng Index has climbed over 25,033 points(0.382x rebound target between28,588 points high and 22,836 points low), and it’s the fourth consecutive day itclosed over 25,000 points. Currently the index is over 10DMA(24,965 points)and250DMA(24,912 points)with a narrowing MACD bearish gap, showing that themomentum remained stable. Hang Seng index first support would be 25,000, whilenext support would be 24,500. For resistance, 25,700 would become the firstresistance, while next resistance would be seen at 100DMA (26,256).