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09:10 AM, Friday, May 25, 2018
Hang Seng Index Rose 95 Points

According to the Fed minutes in May, officials judged that the economic outlook is strong, while most of them agreed that it will soon be appropriate for the FOMC to take another step in further rate hikes if the resilient prospect remains. Hong Kong stock market showed no direction. Hang Seng Index up 95 points to 30,760. H-share Index rose 62 points to 12,153. Market turnover was HK$89.9 billion. The short seller Blue Orca Capital issued a report against Samsonite(1910), saying the company had questionable corporate governance and accounting practices, it halted trading in the morning, and it dropped 9.84% before suspension.

US stock recovered most of early loss

Geopolitical worries hovered over markets after President Trump canceled a planned summit with North Korean leader Kim Jong Un. On the other hand, US oil inventories rose sharply last week, triggered oil price to decline US$1.1 to 70.7 US dollar per barrel, energy related stocks fell. US stock market fell on early Thursday, the Dow once fell 280 points. However, late buying helped the US stock market to erase most early loss. The Dow and the Nasdaq fell 75 points (to 24,812) and 2 points (to 7,424) respectively

The Hang Seng Index is expected to trade at 30,500-30,900 today

Local blue chips performed weak in the US ADR market last night. On the other hand, southbound fund already recorded two consecutive days outflow, which is also not favorable to HK stock markets. Given lack of positive factors in the near term, HK stock market is expected to consolidate today, short term resistance will be at 31,000.

Technical Analysis

Hang Seng Index rebounded on Thursday, and closed above 50 Day Moving Average (30,708). However, market turnover obvious shrank. Besides, MACD histogram stayed at positive territory but the gain kept on narrowing. MACD line also turned downward. Overall technical trend was not strong. Initial support will be at 30,000 while the next support is 29,519. On the other hand, first resistance is at 31,000 while second resistance is at 31,593.



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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