外文报告：Core Pacific Yamaichi-DAILY Recommendation-121022

京 華 山 一
Core Pacific - Yamaichi
- 1 -
DAILY Recommendation
22 Oct 2012 (Monday)

Hong Kong / US market wrap
Closing + / -
HSI: 21,551.76 +33.05
Turnover: HK$56.39bn -HK$14.55bn
Trading range for HSI will be 21,100 to
21,760 this week.
Hang Seng Index
USD Index
 HK market continued to hike last Friday. However, the gain
narrowed obviously with intraday volatility dropped to 68 points. HSI
opened at 21,565 and climbed to the daily peak of 21,592 to see a
pull-back. However, it did not fall below 21,500. Since there was no
additional news in the market and A-Shares market did not see
further gain, HK market continued seesawing for the whole day that
limited the chance for penetration. Finally, HSI gained 33 points or
0.15% to close at 21,551. HSCEI gained 47 points or 0.44% to close
at 10,683. Market turnover fell HK$14.55bn or 20.5% to
HK$56.38bn. Though HK market turned to be directionless, several
individual stocks outperformed the market. Cement stocks and
building material stocks were the major movers in the market. CR
Cement (1313 HK) gained another 5.8% and CNBM (3323 HK)
gained 1.2%. China property stock retreated and China banking
stocks also pulled back from intraday high.
 Since market expected that HKSAR government would
announce some policies to cap the property price, local
property stocks became the lagger in the market. Besides, China
property stock retreated after huge gain. They dragged down the
property sub-index by 0.64% which lost the most among 4 major
sub-indexes. Utilities sub-index also fell 0.08%. C&I sub-index and
finance sub-index gained 0.37% and 0.19%, respectively.
 Short-selling activities amounted to HK$4.19bn which shared
7.4% of total market turnover which was HK$56.38bn. Short-
selling turnover for blue-chips was about HK$1.93bn sharing 46% of
total short-selling turnover in the market. The short-selling turnover
ratio for blue-chips was about 10.03%. CCB (939 HK) was the stock
with the largest short-selling turnover amount of HK$400mn. A50
China (2823 HK) borne the second largest short-selling turnover
amount with HK$300mn. ICBC (1398 HK), China Mobile (941 HK),
Yanzhou Coal (1171 HK), PetroChina (857 HK) and Dongfang (489
HK) were the stocks with short-selling turnover exceeding
HK$100mn.
 Weak corporate results last Friday pushed all the three indexes
of the US market down, marking the worst day since June. DJIA
kept falling and tumbled 236 points in its afternoon session. DJIA
declined 205 points or 1.5% to end at 13,343. S&P 500 lost 24
points or 1.7% to close at 1,433. McDonald's, General Electric,
Google and Microsoft reported earnings that fell short of forecasts.
As US housing report did not miss market expectations, shares of
home builders including Toll Brothers, Hovnanian Enterprises,
PulteGroup and KB Home gained 1% to 2%.
 Annualized US existing home sales for Sep met market
expectation of 4.75mn. The 10-year U.S. treasury bond yield fell to
1.77% from the previous closing yield of 1.83%.
18000
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A M J J A S
HSI
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100D MA
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O J A J S
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