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Guo Sizhi: The market continues to show fluctuations, but the performance is not bad.

AASTOCKS ·  Jun 17 09:24

The Vice Chairman of the Hong Kong Securities Analysts Association, Guo Sizhi, stated that the market first fell and then rose yesterday (16th). The Hang Seng Index opened 101 points lower at 23,791 points in the morning, subsequently falling further to 23,718 points before stabilizing. Due to the lack of significant selling pressure, along with a stabilizing Bid starting to emerge, the entire market gradually began to rise. By around 3 PM, the Hang Seng Index slightly surpassed 24,000 points, ultimately closing at 24,125 points, where it faced some restrictions. Technically, although the market briefly fell below the 10-day moving average (around 23,957 points) and even approached the 20-day moving average (around 23,708 points) in the morning, the market remained able to consolidate near the 10-day moving average under the support of stabilizing Bids. From a trend perspective, the market performance was not poor. The Hang Seng Index ultimately closed at 24,060 points, up 168 points from the previous day, with a total transaction amount for the day of 229.2 billion yuan.

The performance of the major ConstituentStocks in Hang Seng Index remains quite mixed. The stocks that continued to show strong trends include Hong Kong Exchanges and Clearing (00388.HK), HSBC (00005.HK), China Mobile (00941.HK), China Construction Bank (00939.HK), Industrial and Commercial Bank of China (01398.HK), and Bank of China (03988.HK). As for AIA (01299.HK), Xiaomi-W (01810.HK), and Ping An Insurance (02318.HK), they are still consolidating and awaiting change. Meanwhile, Tencent (00700.HK), Alibaba-W (09988.HK), and MEITUAN-W (03690.HK) have unclear trends. The performance of these major stocks is not consistent, leading to the market having reached a high of 24,439 points on the 11th of this month, yet there has been no strong desire to test the peak. However, this situation may not last long, as if the Hang Seng Index aims to test or break the high of 24,874 points from March 19, the trends of the major ConstituentStocks must align. Therefore, the current repeated pullbacks in the market may present buying opportunities for lagging stocks, but given the uncertain market conditions, the strategy should be to selectively accumulate on dips, specifically referring to a medium-term positioning.

(The author is a licensed person from the Securities and Futures Commission and does not hold any of the above stocks or related interests)~

The translation is provided by third-party software.


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