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Daily Market Watch

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Daily Market Watch 2019-05-06

Hang Seng Index closed up 0.5% at 30,082. Market turnover decreased to HKD 66.7bn.
HSCEI climbed 0.2% at 11,575.
Southbound trading of SH-HK Stock Connect and SZ-HK Stock Connect has closed for
Chinese Labor Day.
On 10 years horizon, we see HSI will fall into a range between 9.7x to 11.8x
12M forward P/E(11.1x currently), which is equivalent to 26,000 to 31,800
points respectively. This is also equal to 1.0 standard deviation below and
above the past 10-year 12M forward P/E mean of 10.8x.

Daily Market Watch 2019-05-03

Hang Seng Index closed up 0.8% at 29,944. Market turnover decreased to HKD 71.5bn.
HSCEI climbed 0.1% at 11,557.
Southbound trading of SH-HK Stock Connect and SZ-HK Stock Connect has closed for
Chinese Labor Day.

Daily Market Watch 2019-04-25

Hang Seng Index closed down 0.5% at 29,806. Market turnover decreased to HKD
98.5bn. HSCEI retreated 0.6% at 11,664.
Southbound trading of SH-HK Stock Connect and SZ-HK Stock Connect attained HKD
6.3bn and HKD 3.3bn respectively, making up a combined 12.4% of total HK stock
market turnover.

Daily Market Watch 2019-04-24

Hang Seng Index was flat at 29,963 yesterday. Market turnover improved to HKD
107.2bn. HSCEI retreated 0.3% at 11,731.
Southbound trading of SH-HK Stock Connect and SZ-HK Stock Connect attained HKD
9.2bn and HKD 6.0bn respectively, making up a combined 17.3% of total HK stock
market turnover.

Daily Market Watch 2019-04-23

Hang Seng Index closed down 0.5% at 29,963. Market turnover decreased to HKD
91.2bn. HSCEI retreated 0.7% at 11,769.
Southbound trading of SH-HK Stock Connect and SZ-HK Stock Connect attained HKD
8.0bn and HKD 4.1bn respectively, making up a combined 16.3% of total HK stock
market turnover.

Daily Market Watch 2019-04-18

Hang Seng Index was flat at 30,125 yesterday. Market turnover improved to HKD
104.3bn. HSCEI climbed 0.2% at 11,849.
Southbound trading of SH-HK Stock Connect and SZ-HK Stock Connect attained HKD
9.4bn and HKD 4.9bn respectively, making up a combined 16.1% of total HK stock
market turnover.

Daily Market Watch 2019-04-17

Hang Seng Index closed up 1.1% at 30,130. Market turnover decreased to HKD
104.3bn. HSCEI climbed 1.6% at 11,821.
Southbound trading of SH-HK Stock Connect and SZ-HK Stock Connect attained HKD
9.8bn and HKD 4.3bn respectively, making up a combined 16.1% of total HK stock
market turnover.
On 10 years horizon, we see HSI will fall into a range between 9.7x to 11.8x
12M forward P/E(11.2x currently), which is equivalent to 26,000 to 31,800
points respectively. This is also equal to 1.0 standard deviation below and
above the past 10-year 12M forward P/E mean of 10.8x.

Daily Market Watch 2019-04-16

Hang Seng Index closed down 0.3% at 29,811. Market turnover improved to HKD
110.0bn. HSCEI retreated 0.2% at 11,632.
Southbound trading of SH-HK Stock Connect and SZ-HK Stock Connect attained HKD
9.4bn and HKD 5.0bn respectively, making up a combined 15.8% of total HK stock
market turnover.

Daily Market Watch 2019-04-12

Hang Seng Index closed down 0.9% at 29,839. Market turnover improved to HKD
119.8bn. HSCEI retreated 1.2% at 11,618.
Southbound trading of SH-HK Stock Connect and SZ-HK Stock Connect attained HKD
9.1bn and HKD 4.6bn respectively, making up a combined 13.9% of total HK stock
market turnover.

Daily Market Watch 2019-04-11

Hang Seng Index closed down 0.1% at 30,120. Market turnover decreased to HKD
112.6bn. HSCEI retreated 0.4% at 11,764.
Southbound trading of SH-HK Stock Connect and SZ-HK Stock Connect attained HKD
8.6bn and HKD 4.9bn respectively, making up a combined 14.8% of total HK stock
market turnover.