INVESTMENT DAILY

The Hang Seng Index is expected to trade at 24,200 to 24,500today

    Hong Kong stocks opened 86 points lower on Thursday, Macau gambling playplunged, triggered Hang Seng index fell 196 points to 24,387. H-share index fell 103points to 10,876. Turnover was HK$77.5bn. HKEX (388) announced better thanexpected results, share price added 2%. Besides, international gold price surged onUkraine tension, ZhaoJin (1818) added 3.8%. Besides, Macau gambling playsplunged with Galaxy (27) and Sands (1928) dropped 6.4% and 5.8%, while Wynn(1128) fell 7.6%.

    US initial weekly jobless claims unexpectedly decline again, which helped the USstock market to open higher on Thursday. However, geographical tension from theannouncement of potential military air drops in Iraq as well as concern on recenttrade wars between Western Countries and Russia will hurt global economy growth,US stock market turned weak again afterward. The Dow and the Nasdaq closed 75points (to 16,368) and 20 points(to 4,335) lower respectively. Besides, funds flowinto bond market with 10 year US treasury yield dropped 5 basis point to 2.42%.

    Owing to tension between Western Countries and Russia, global market retreated.

    Together with profit taking seen on A share market, HK market turned weak. Majorsupport is at 24,000. Besides, investors will eye on the upcoming China economydata to be released.

    Technical Analysis

    Hang Seng Index closed with black candle on Thursday. Technically, Hang Sengindex closed at below 10DAM (24,553), couple with MACDs bullish gap narrowed,showing that momentum is weak. Hang Seng index first support would be 20DMA(24,067), while next support would be 50DMA (23,551). For resistance, year high of24,894 become first resistance, while next resistance would be seen at 25,000.