Market Insight
2024.04.26 12:38
{Market Preview}CNOOC may reach HKD 23
[ET Net News Agency, 26 April 2024] The Hang Seng Index reported 17,626 in the morning
session, up 342 points or 2%, with main board turnover exceeding HKD 72.4 billion. The
Hang Seng China Enterprises Index was at 6267, up 147 points or 2.4%. The Hang Seng Tech
Index was at 3684, up 129 points or 3.7%.
The three largest traded stocks in the Hang Seng Index were Tencent (00700), Meituan
(03690) and CNOOC (00883). Tencent closed at HKD 347.6, up HKD 8.2 or 2.4%, with a
turnover of HKD 4.371 billion; Meituan closed at HKD 115.6, up HKD 4.1 or 3.7%, with a
turnover of HKD 2.778 billion; CNOOC closed at HKD 19.88, up HKD 0.88, or 4.6%, with a
turnover of HKD 2.43 billion. The three largest traded stocks on the Hang Seng China
Enterprises Index are Tencent, Meituan and CNOOC. The three largest traded stocks on the
Hang Seng Tech Index were Tencent, Meituan and Alibaba (09988); Alibaba closed at HKD
74.75, up HKD 1.75 or 2.4%, with a turnover of HKD 2.417 billion.
"Kingston Lin: Hang Seng Index will have correction pressure next week"
After the China Securities Regulatory Commission launched five measures to support the
Hong Kong stock market, the Hong Kong stock market rose for five consecutive days. As of
noon today, the stock market had risen nearly 1,400 points. Kingston Lin, a director of
the The Hong Kong Institute of Financial Analysts and Professional Commentators Limited,
told ET Net News Agency that the recent rise in the Hang Seng Index was mainly due to the
measures taken by the China Securities Regulatory Commission and the easing of tensions in
the Middle East. However, the cumulative increase in Hong Kong stocks has now reached
1,400 points. He believes that the current fundamentals are not enough for HSI to continue
to rise. The positive factors for the retreat of U.S. stocks are also short-lived. It is
expected that the resistance will be greater after the Hang Seng Index rises to the 250
SMA. In addition, the heavy area of the bear contracts is nearly sold out. He is careful
about the market outlook for Hong Kong stocks.
There will be only four trading days for Hong Kong stocks next week and only two days of
southbound funds. In the past, when there is no southbound funds, the trend of Hong Kong
stocks can rise or fall. However, he expects this time that there will be a greater chance
of adjustment this time, and there is a good chance of falling back to 17,000.
"Investors should wait until CNOOC returns to HKD 19 before buying"
CNOOC (00883) announced that its net profit for the first quarter of this year was RMB
39.719 billion, up 23.7% year-on-year, driving the stock price to rise by more than 6%
this morning and breaking through the psychological mark of HKD 20. Kingston Lin pointed
out that oil prices are currently falling due to the easing of the geopolitical situation.
After the factors driven by oil prices are digested, CNOOC will face retreating pressure.
However, he believes that stock holders do not need to rush to make profits at present. He
is optimistic that the stock price may test HKD 22 to 23, but whether it can further rise
to HKD 25 depends on whether the market can rise above 17,700 to have the opportunity to
drive speculation.
As for those who do not hold the stock, Kingston Lin does not recommend buying after the
current price. At least, they should wait until the stock price closes the gap before
buying it at HKD 19.
ET Net News Agency Limited
website:www.etnet.com.hk
email:cs@etnet.com.hk
Data Source：ETN
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