The Hang Seng Index showed a slight decline of 9 points or less than 0.1%, reaching 18,466 in the morning session. The main board recorded a trading volume of nearly HKD 80.1 billion. The Hang Seng China Enterprises Index reported a decline of 17 points or 0.3%, reaching 6,529. The Hang Seng Tech Index reported a decline of 1 point or less than 0.1%, reaching 3,970.
The top three traded stocks on the HSI were Tencent (00700), Meituan (03690), and Alibaba (09988). Tencent closed at HKD 367.6, rising by HKD 3.2 or 0.9%, with a trading volume of HKD 4.932 billion. Meituan closed at HKD 118.4, falling by HKD 1.3 or 1.1%, with a trading volume of HKD 3.297 billion. Alibaba closed at HKD 79.1, falling by HKD 0.1 or 0.1%, with a trading volume of HKD 2.403 billion. The top three traded stocks on the Hang Seng China Enterprises Index and the Hang Seng Tech Index were Tencent, Meituan, and Alibaba.
"Lee Wai Kit: HSI is expected to retrace to 17,700 before rebound"
On the first trading day after the 1st May holiday, southbound funds returned to the Hong Kong stock market. The HSI showed minimal fluctuations in the morning session, but the total market turnover has reached HKD 80 billion. Lee Wai Kit, a director of the brokerage department at Huasheng Securities, told ET Net News Agency that the HSI has already experienced significant gains in the short term. Although the selling pressure from southbound funds is not strong today, the high trading volume in the Hong Kong stock market combined with the limited increase in the HSI indicates a potential profit-taking pressure in the short term. As an initial estimate, Lee predicts that the HSI will retrace to around 17,700, which is approximately the 250-day moving average. However, he expects this retracement to benefit the HSI, leading to a more stable trend and a potential retest of the 19,000 level. Based on the head and shoulders pattern from December last year to mid-April this year, the HSI may have the potential to challenge 19,600 thereafter.
"Xinyi Solar's mid-term target is at HKD 7.5"
In today's morning session, there was a surge in the photovoltaic sector, with blue-chip Xinyi Glass (00868) rising by nearly 10% in the half-day session, and Graphex Group (06128) skyrocketing by approximately 1.7 times. Lee Wai Kit attributes this to President Xi Jinping's visit to Europe, which has sparked speculation in the photovoltaic sector. Previously, several European countries followed the United States in imposing sanctions on Chinese photovoltaic companies, suppressing the market for Chinese photovoltaic companies. The market anticipates that President Xi's visit will restore positive interactions between China and Europe, thereby paving the way for Chinese photovoltaic companies in the European market.
Lee Wai Kit mentioned that Xinyi Solar, a subsidiary of Xinyi Glass, has been rebounding continuously after reaching a low of HKD 5.2. He predicts that it is likely to challenge the 250-day moving average and reach a high of approximately HKD 6.1 to 6.2. He also noted that considering the recent trend in the photovoltaic sector, it is reasonable to hold Xinyi Solar in the mid-term, as the government has already promoted an increase in power generation capacity, indicating continued support for the photovoltaic industry, with a potential target of HKD 7.5.
Additionally, Lee Wai Kit also mentioned that he is keeping an eye on GCL Tech (03800), which has attracted some capital but is not yet experiencing active trading. Following the current trend in the sector, the initial target is set at the 250-day moving average.
etnet健康網購 | 6月限定優惠【送：明目藍莓精華36:1】乙樽► 火速行動
