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09:00 AM, Tuesday, Mar 09, 2021
Hang Seng Index closed 557 points lower on Monday

Following US indices’ rebound on last Friday, Hang Seng index opened up 264 points, but was dragged by tech stocks afterwards. The decline was gradually expanded, and the index fell 557 points to 28,540. H-shares index was down 277 points to 11,014, and Hang Seng Tech index fell 552 points to 8,081. Market turnover amounted to HK$276.7bn, with fund outflow from the stock connect at HK$13.1bn. For blue-chip stocks, Wuxi Bio (2269) fell 9.7%, being the worst among blue-chip stocks. Geely (0175) and Xiaomi (1810) also dropped 9.4% and 8.6%. On the other hand, financial stocks were strong, BOCHK (2388) and HSBC (0005) rose 4.5% and 3.6%.

US Stock Performed Mixed on Monday, Nasdaq Index fell

Democratic controlled US House will vote on the US$1.9 trillion fiscal stimulus plan on Tuesday, it is widely expected that the plan will pass and be effective in mid March. Anticipated increase in economy growth and inflation triggered 10 Year US treasury yield rose 3 basis points to 1.59% on Monday. US stock divergence on Monday, fund flow away from technology sector and switched to finance and material sector. The three major US stock index performed mixed, the Dow once rose 650 points to intraday record high of 32,148, and finally closed 305 points higher. The Nasdaq index, however, fell 2.4% on Monday. The stronger US treasury yield support the US dollar index to rose 0.4% to 92.33. On the other hand, gold price fell 1.2% to US$1,678 per ounce, while oil price retreated US$1 to US$65.1 per barrel.

HSI resistance at 10 Day SMA; Mainland Bank is still short term market focus

Most local blue chips rebounded in the US ADR market last night, the Hang Seng Index is expected to open higher today. However, the unfavorable factors including US dollar and US treasury yield strength, weakness of A share market, as well as HK Stock Connect net inflow substantially slowed, will continue to impact the Hong Kong stock market, especially the new economy stocks. Hang Seng Index resistance lowered to 50 Day SMA(28,924). China A share market fund flow from high premium value stock to reasonable valuation traditional stocks, as well as the rise of US treasury yield, HK new economy stocks suffered sell off recently while banking stocks performed well. In fact, HK Stock Connect recorded net outflow of HK$13.2bn on Monday, while net sell off concentrated on Tencent (0700), Meituan(3690) and HKEX (0388). Both Tencent and HKEX short term support at 100 Day SMA (HK$624 and HK$430 respectively).

Recommended Stocks
Stock Recommendation
CKI HOLDINGS
(01038)
CKI Holdings (1038; CKI) will release its 2020 annual results on March 17, and we expect its UK revenue to fall YoY in 2H20 on lower regulated return. Nonetheless, appreciation of GBP against HKD is expected to mitigate the impact. Market consensus now estimates core net profit to decline by 24% YoY in 2020. We believe the negative impact has been factored in. Looking ahead, we see widespread vaccination to ease COVID-19 spread, favoring revenue growth rebound for CKI. Offering a dividend yield at 5.3%, CKI appeals to those risk-averse fund inflow, in our view. We thus assign a target price of HK$53, with a stop-loss price at HK$43.


Source: KGI Research

Chan Lok Yee is a SFC licensed person accredited to KGI Group to carry on regulated activities (for details, please refer to: https://www.sfc.hk/publicregWeb/indi/BNJ943/details). She and/or her associate do not have any financial interest in the recommended issuer or new listing applicant.

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