[ET Net News Agency, 16 April 2024] The Hang Seng Index reported 16,279 points in the
morning session, down 320 points or 1.9%, with a turnover of nearly HKD 58.1 billion. The
Hang Seng China Enterprises Index reported 5,749 points, down 106 points or 1.8%. The Hang
Seng Tech Index reported 3,349 points, down 93 points or 2.7%.
The top three traded stocks in the Hang Seng Index are Tencent (00700), AIA (01299), and
Alibaba (09988). Tencent closed at HKD 303.8, down HKD 0.6 or 0.2%, with a turnover of HKD
3.033 billion. AIA closed at HKD 45.75, down HKD 1.5 or 3.2%, with a turnover of HKD 2.205
billion. Alibaba closed at HKD 68.6, down HKD 1.8 or 2.6%, with a turnover of HKD 1.771
billion. The top three traded stocks in the Hang Seng China Enterprises Index are Tencent,
Alibaba, and PetroChina (00857). PetroChina closed at HKD 7.65, up HKD 0.17 or 2.3%, with
a turnover of HKD 1.368 billion. The top three traded stocks in the Hang Seng Tech Index
are Tencent, Alibaba, and Meituan (03690). Meituan closed at HKD 99.2, down HKD 2.4 or
2.4%, with a turnover of HKD 1.325 billion.

"Wan Kong Shing: US stock performance fulfils expectations, Hong Kong stocks are still
positive"

Amidst the turmoil in the Middle East, market panic continues, with the Dow Jones
falling over 200 points overnight. Hong Kong stocks are also affected and the midday
decline has widened to over 300 points. Wan Kong Shing, the Vice President of iFAST Global
Markets, told ET Net News Agency that the Hang Seng Index breaking below the support level
of 16,300 at the end of March is indeed unfavourable. In the worst-case scenario, it could
test 15,300. He explained that the market is still concerned that Israel may not be
willing to stop, fearing that it may launch a regional war, such as road blockades,
triggering panic in the US stock market.
However, Wan Kong Shing believes that Israel is currently under control and is unlikely
to take extreme actions. There is also a low probability of a direct attack on Iran. He
believes that both Israel and Iran are looking for a way to deescalate the situation, and
the chances of radical actions are slim. The significant decline in the stock market is
mainly due to the previous substantial gains. Currently, it is undergoing an adjustment
phase. As the news gradually turns positive, it will be beneficial for the stock market to
rebound. He also mentioned that the earnings season in the US stock market fulfils
expectations. Goldman Sachs announced better-than-expected earnings overnight, which is
favourable for the stock market to find support at lower levels. Therefore, Wan Kong Shing
believes that the chances of the Hang Seng Index falling to 15,300 are relatively small.
The initial support level is around 15,800, and he maintains a positive view that the Hang
Seng Index has the potential to reach 17,500 this month.

"Hong Kong Spot Crypto ETF is expected to be popular, OSL is worth considering at a low
price"

Yesterday, several fund companies announced that their applications for the issuance of
Bitcoin or Ethereum spot ETFs have received conditional approval from the Securities and
Futures Commission. Two of these funds are Huaxia Fund and Harvest Global Investments,
both of which have appointed OSL Group (00863) as the custodian and cooperation partner
for their spot crypto ETFs. However, Bitcoin fell to around USD 63,000 overnight, dragging
down OSL's stock price by about 3% during the midday session.
Wan Kong Shing pointed out that the issuance of spot crypto ETFs will indeed benefit
OSL's performance, and the existing crypto futures ETFs in the market have good trading
volumes. It is expected that spot ETFs will also receive investment once they are listed.
He also mentioned that although Bitcoin is currently experiencing a correction, there is
still a certain demand for it. Moreover, when the rate-cut cycle begins, the loosening of
the funding chain will increase the desire for speculative trading in cryptocurrencies. He
believes that there is significant upside potential for Bitcoin after the correction.
Therefore, Wan Kong Shing believes that OSL has good prospects, and investors should pay
attention to it. However, as the stock is related to the concept of cryptocurrencies, its
trend is more volatile. It is advisable to allocate funds separately to reduce risks. The
initial entry point can be set at HKD 8.4. If it further declines to HKD 7.2, investors
can consider adding more. If it falls below HKD 6.9, investors can consider cutting
losses. The initial target can be set at HKD 10, and if it can break through, it may reach
a high of HKD 13.2.