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09:00 AM, Friday, Jan 19, 2018
Hang Seng Index Rose 138 Points

Three major indexes of US market hit all-time high overnight, leading Hong Kong equities extended record-setting rally on Thursday. HSI increased 138 points, closing at 32,021 points. HSCEI closed at 13,094 points, rising 226 points. Turnover was $196.3 billion. Tencent (700) and HKEX (388) once recorded historical high in the morning session, however, the former reversed from gains at whole day close. PBOC will implement RRR cut next week, those state-owned banking stocks increased 2% to 3%.

US stock market retreated

Since Democrats and Republicans still would not reach agreement on the budget spending, investors concerned the possibility of the government shutting down at the end of the week. US stock market retreated on Thursday, the Dow once fell near 170 points. The Dow and the Nasdaq closed 98 points (to 26,018) and 2 points (to 7,296) lower respectively. On the other hand, funds further flow away from the bond market, 10 year US Treasury yield rose 5 basis point to 2.62%.

The Hang Seng Index is expected to trade at 31,900-32,300 today

HK stock market sentiment is good, market turnover rose to near HK$200bn. Besides, southbound fund net inflow further rose to HK$6.2bn yesterday, further supporting the HK stock market. Hang Seng Index support will be at 10 Day SMA (31,368). Although market hit new high, it is mainly relied on selective heavyweight constituent stocks. Besides, auto and handset component stocks (which performed well in 2017) faced strong selling pressure recently. On the other hand, strong speculative trading activities were also seen on selective medical stocks. Ahead of CNY, investors could pay attention on consumer stock and Macau stocks. 10 Year US Treasury yield continued to rise which will be an excuse for correction on the overbought market.

Technical Analysis

HSI kept rising on Thursday. At present, it’s located above 10-DMA(31,368 points)and near the top of Bollinger Band(32,285 points). The MACD bullish gap persists as well. However, the 14-day RSI further climbs to 83.79, and it has been located within overbought zone over 2 weeks. In the short term, the primary resistance should be 32,285 points. On the other hand, the first support is 31,368 points, and the next support should be 31,000 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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