Investment Daily

Hang Seng Index fell below 22,000 points on Wednesday. It closed at 21,739points, decreasing 390 points. HSCEI closed at 8,985 points, dropping 143 points.

    Turnover was $70 billion. Several local banks released ordinary interim results,yet there’s a bank announcing stock repurchase scheme so that its stock rose in theafternoon. In addition, New York oil futures fell below $40 per barrel, which wasalmost 4-month low. The oil stocks obviously declined.

    US gasoline reported inventory is below expectation, support the oil price torebound 4% to close at 41 US dollar per barrel, oil stocks rose on Wednesday.

    Besides, latest private employment data remain strong, it increase the likelihood ofUS interest rate hike, banking stocks also performed well on Wednesday. As aresult, US stock market reversed recent downtrend and rebound on Wednesday.

    The Dow and the Nasdaq rose 41 points (to 18,355) and 22 points (to 5,160)respectively.

    Local blue chips rebounded in the US ADR market, it might help to support HKstock to open higher today. However, as major central banks recent movedisappointed the market, Hang Seng Index seems lack of further momentum whenit is above 22,000. Investors current focus is on the Bank of England interest ratemeeting tonight.