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09:00 AM, Friday, Nov 17, 2017
Hang Seng Index rose 167 points

Under the lead of blue-chip technology and Chinese insurance stock, the Hong Kong equities surpassed 29,000-level again on Thursday. HSI increased 167 points and closed at 29,018 points. HSCEI closed at 11,533 points, rising 121 points. Turnover for the whole day was $113.9 billion. The quarterly results of Tencent beat the market expectation, the price rose over 2%. On the other hand, all Chinese insurers rose, in which Ping An (2318) jumped over 5% and once hit all-time high.

US stocks sharply rebound

Both Cisco and Walmart reported strong than expected quarter results, their share price rose sharply on Thursday, which provide a boost to US stock market, especially the Dow Jone Index. Besides, House passage of a Republican-sponsored tax cut plan further enhance investor sentiment. US stock market sharply rebound on Thursday, the Dow and the Nasdaq rose 187 points (to 23,458) and 87 points (to 6,793) respectively. On the other hand, funds flow away from the bond market, 10 Year US Treasury yield rose 4 basis points to 2.37%.

The Hang Seng Index is expected to trade at 28,900-29,300 today

Local blue chips, especially Tencent (700) continued to perform well in the US ADR market, we expect HK stock market to open higher today. Sector aspect, recent market rise mainly concentrate on high technology stock and insurance stock, related leader stock will still be market focus.

Technical Analysis

HSI fell from the top of Bollinger Band(29,331 points), but was still maintained above the band middle line(28,658 points). In addition, the MACD bullish gap still remained, but the gap itself narrowed. The technical indicators showed that the strong trend of the index slightly cooled down. The first resistance should be 29,320 points, and the next resistance is 29,600 points. The first support is 20-DMA 28,658 points, and the next support is 50-DMA 28,295 points.



Source: KGI Research
Kwong Man Bun is a SFC licensed person accredited to KGI Group to carry on regulated activities (for details, please refer to: http://www.sfc.hk/publicregWeb/indi/ABN127/details?locale=en). He and/or his associate do not have any financial interest in the recommended issuer or new listing applicant.

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