Investment Daily
The President-elect Donald Trump’s speech towards the overvaluation of USDollar caused the dollar index to decline. This also led Hang Seng Index to surpass23,000 points, and it increased 260 points to close at 23,101 points on Wednesdaymorning. HSCEI closed at 9,814 points, rising 112 points. Turnover for themorning session was $38.4 billion. Several local banking stocks surged to52-week high. In addition, Apple stock price climbed to 52-week high, stimulatingthe related local stocks.
Concerned that US shale gas production will increase, oil price fell 2.7% to 51.1US dollar per barrel, oil stocks fell on Wednesday. Besides, Fed chairman Yellensaid that US is near full employment, while inflation rate rebound close to target,she expect US interest hike a few time each year, until the end of 2019. US stockmarket fell on early Wednesday. However, buying interest on high technologystocks helped the US stock market to narrow its loss. The Dow fell 22 points (to19,805) while the Nasdaq rose 17 points (to 5,556).
Hang Seng Index overcome 23,000 while turnover also increased. However,Yellen recent speech, triggered US dollar and treasury yield rebound, which notfavor HK stock. We expect HK stock to consolidate at 23,000 level
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