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Daily Market Watch

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Daily Market Watch 2019-10-21

Hang Seng Index closed down 0.48% at 26,720. Market turnover improved to HKD
77.1bn. HSCEI retreated 0.45% at 10,540.
Southbound trading of SH-HK Stock Connect and SZ-HK Stock Connect attained HKD
6.9 bn and HKD 3.6bn respectively, making up a combined 15.7% of total HK stock
market turnover.

Daily Market Watch 2019-10-18

Hang Seng Index closed up 0.69% at 26,848. Market turnover decreased to HKD
72.2bn. HSCEI climbed 0.53% at 10,588.
Southbound trading of SH-HK Stock Connect and SZ-HK Stock Connect attained HKD
8.4 bn and HKD 3.8bn respectively, making up a combined 17.5% of total HK stock
market turnover.

Daily Market Watch 2019-10-15

Hang Seng Index closed up 0.81% at 26,522. Market turnover decreased to HKD
90.3bn. HSCEI climbed 0.53% at 10,508.
Southbound trading of SH-HK Stock Connect and SZ-HK Stock Connect attained HKD
10 bn and HKD 5.1bn respectively, making up a combined 19.5% of total HK stock
market turnover.

Daily Market Watch 2019-10-14

Hang Seng Index closed up 2.34% at 26,308. Market turnover improved to HKD 98.6bn.
HSCEI climbed 2.29% at 10,453.
Southbound trading of SH-HK Stock Connect and SZ-HK Stock Connect attained HKD
8.3 bn and HKD 4.2bn respectively, making up a combined 14.9% of total HK stock
market turnover.

Daily Market Watch 2019-10-11

Hang Seng Index closed up 0.10% at 25,708. Market turnover improved to HKD 79.1bn.
HSCEI climbed 0.48% at 10,218.
Southbound trading of SH-HK Stock Connect and SZ-HK Stock Connect attained HKD
7.2 bn and HKD 3.1bn respectively, making up a combined 15.8% of total HK stock
market turnover.

Daily Market Watch 2019-10-10

Hang Seng Index closed down 0.81% at 25,683. Market turnover decreased to HKD
75.4bn. HSCEI retreated 0.31% at 10,169.
Southbound trading of SH-HK Stock Connect and SZ-HK Stock Connect attained HKD
9.2 bn and HKD 3bn respectively, making up a combined 19.2% of total HK stock
market turnover.

Daily Market Watch 2019-10-09

Hang Seng Index closed up 0.28% at 25,893. Market turnover improved to HKD 83.2bn.
HSCEI climbed 0.53% at 10,201.
Southbound trading of SH-HK Stock Connect and SZ-HK Stock Connect attained HKD
8.5 bn and HKD 4.3bn respectively, making up a combined 18.3% of total HK stock
market turnover.

Daily Market Watch 2019-10-04

Hang Seng Index closed up 0.26% at 26,110. Market turnover improved to HKD 62.6bn.
HSCEI climbed 0.37% at 10,221.
Southbound trading of SH-HK Stock Connect and SZ-HK Stock Connect was closed
yesterday.
On 10 years horizon, we see HSI will fall into a range between 8.6x to 10.8x
12M forward P/E(10.0x currently), which is equivalent to 22,500 to 28,100
points respectively. This is also equal to average and 2.0 standard deviation
below the past 10-year 12M forward P/E mean of 10.8x.

Daily Market Watch 2019-10-03

Hang Seng Index closed down 0.19% at 26,043. Market turnover decreased to HKD
61.9bn. HSCEI retreated 0.18% at 10,183.
Southbound trading of SH-HK Stock Connect and SZ-HK Stock Connect was closed
yesterday.

Daily Market Watch 2019-09-30

Hang Seng Index closed down 0.33% at 25,955. Market turnover decreased to HKD
53.1bn. HSCEI retreated 0.62% at 10,149.
Southbound trading of SH-HK Stock Connect and SZ-HK Stock Connect was closed
yesterday.
On 10 years horizon, we see HSI will fall into a range between 8.6x to 10.8x
12M forward P/E(10.0x currently), which is equivalent to 22,500 to 28,100
points respectively. This is also equal to average and 2.0 standard deviation
below the past 10-year 12M forward P/E mean of 10.8x.