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09:26 AM, Friday, Sep 22, 2017
Hang Seng Index Dropped 17 Points

The Fed started to shrink its balance sheet, Hong Kong equities traded within narrow range on Thursday. Hang Seng Index decreased 17 points and closed at 28,110 points. HSCEI closed at 11,198 points, rising 24 point. Turnover for the whole day was 108.5 billion. Some brokerages were positive to the gambling revenue of Macau in September, the blue-chip gambling stocks hit 52-week high. The Fed forecasted there would a further increase in interest rate, the local property sector fell in general.

US stock fell

The Fed might rate hike once more before the year end, has temporarily cooled down investors interest on stock market on Thursday. Besides, new iphone sales response is not strong, Apple share price fell. However, with anticipated further rate hike, financial stock still performed well, offset part of the negative impact. The Dow fell 53 points (to 22,359) while the Nasdaq fell 33 points (to 6,423).

The Hang Seng Index is expected to trade at 27,900-28,200 today

FOMC meeting result is inline with expectation. However, as US might further rate hike before year end, US dollar rebound. Besides, HKMA draw out market liquidity, HIBOR rose, which is unfavor to HK stock market. Hang Seng Index is expected to hover at 28,000.

Technical Analysis

HSI stayed above 28,000 points this week. Currently it is located around the ceiling of Bollinger Band(28,215 points), and the width of the band obviously narrows. The MACD bearish gap reverses to a bullish gap. The first support is 20-DMA 27,882 points, and the next support is 50-DMA 27,435 points. The first resistance should be 28,589 points. The next resistance is 29,000 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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