外文报告：CPYI-DAILY Recommendation-120720

京 華 山 一
Core Pacific - Yamaichi
- 1 -
DAILY Recommendation
20 Jul 2012 (Friday)

Hong Kong / US market wrap
Closing + / -
HSI: 19,559.05 +319.17
Turnover: HK$48.10bn +HK$5.60bn
Trading range for HSI will be 19,300 to
19,700 today.
Hang Seng Index
USD Index
 Hong Kong market sentiment slightly improved. HSI opened
higher by 153 index points following the previous gain in the U.S.
market as a result of the better-than-expected corporate results. HSI
extended gains in the morning session as PBOC issued RMB80bn
reverse repurchase to ease banks liquidity. HSI advanced 319 index
points, or 1.7%, to close at 19,559. HSCEI also gained 222 index
points, or 2.4%, to close at 9,515. However, market turnover
remained thin. It added HK$5.6bn to HK$48.1bn.
 The market posted broad gain, except Chinese property stocks.
The market worried that China would tighten property policy since
the property price rebounded in June. Chinese property stocks
slumped while Chinese financial, resources and telecom stocks
rebounded. China financial blue-chips gained between 2.3% and
3.3%. China Unicom (762 HK) surged 5.4%. Finance sub-index,
utility sub-index, property sub-index and C&I sub-index rose 1.6%,
1.4%, 0.7% and 2.0% respectively. The advance/decline ratio for the
market climbed to 1.67:1 due to the broad market gain.
 Short-selling pressure retreated yesterday. Short-selling turnover
for blue-chips edged down to HK$2.6bn. Short-selling turnover ratio
reduced by 5.3ppts to 12.6%. Market short-selling turnover edged
down to HK$4.8bn. Its short-selling turnover ratio declined by
1.4ppts to 9.9%. Short-selling turnover ratio for HSBC (5 HK) and
China Mobile (941 HK) reduced to 15.8% and 23.4% respectively.
 U.S. Stocks rose for the third straight day as earnings from
technology companies and expectations for more monetary
stimulus outweighed weak economic data. DJIA was traded
within 88 points for the whole day although it seesawed in the
positive territory for the most of the day. DJIA gained 34 points, or
0.3%, to end at 12,943. S&P 500 rose 4 points or 0.3% to close at
1,376, its highest level since early May. IBM raised its full-year
outlook. Profit of eBay beat forecasts. Qualcomm also expected a
"strong December quarter." However, share price of Morgan Stanley
plunged more than 5% due to the decline in its 2Q12 revenue.
 Initial jobless claim was 386,000, worse than the market
forecast of 365,000. Existing home sales for June declined 5.4%
mom and missed the expected growth of 1.5% mom. Leading
indicators for June declined 0.3%, worse than the market expected
decline of 0.1%. 10-year U.S. treasury bond yield rose to 1.52%
from the previous closing yield of 1.48%.
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HSI
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100D MA
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84
J S N J M M
LAST_PRICE
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