Investment Daily

All three major indexes rose overnight, but Hong Kong equities retreated onFriday morning. Hang Seng Index decreased 33 points and closed at 26,030 points.

    HSCEI closed at 10,592 points, dropping 58 point. Turnover for the morningsession was $117 billion. Alibaba expected the revenue growth in FY18 is higherthan market expectation, leading the rise of the blue chip technology stocks. Onthe other hand, automobile sector increased in general, individual stocks oncejumped around 6%.

    Banking stocks continued to perform well last Friday, support the US stock marketto rise on early session. However, a major US investment bank warned that majorUS hi-tech stocks valuation might be too high, substantial selling pressureemerged for related stocks. Although the Dow still rose 89 points (to 21,272points), while the Nasdaq fell 114 points (to 6,208). Looking ahead, three majorCentral Banks including the Fed (on Wednesday), UK (on Thursday) and Japan(onFri) will have interest rate meeting this week, will be investors focus.

    US technology stock fell sharply last Friday, HK listed technology stocks mightalso suffer obvious pressure today, Hang Seng Index might move lower. Investorswill eye on the Fed meeting this week, to see whether Yellen will provide hint onupcoming rate hike and balance sheet shrinkage pace.