Major City perspective: Hong Kong stocks are still in the consolidation situation

First Shanghai securities market strategist Ye Shangzhi May 12. Hong Kong stocks after the Monday back to the whole, the hot atmosphere finally turned to calm, the market situation appears to be differentiated development. Liquidity in the market to maintain a good, but the attitude of the funds to market has become a bit cautious, the big city turnover fell to less than 80 billion yuan, is the Hong Kong stock breakthrough 17,000 points since the minimum daily turnover. At present, four U.S. banks in the stress test results after the announcement of the issue of equity issuance to replenish capital, news of the recent surge in the U.S. stock pressure. On the other hand, the mainland's new bank loans in May only 591.8 billion yuan, compared to the first quarter of the credit line has a significant decline, but also to the mainland a-share uncertainty. 　　Affected by the surrounding stock market, we believe that there is a chance for Hong Kong to move up and down in the short term, which is the most likely to happen. Volume fell to less than 80 billion of the Hang Seng index Tuesday performance is stable, the plate was once broken 17,000 points low see 16,908 points, but the initiative sell not intensified, the afternoon in the conduct of the rights of the CCB (0939) led by the market situation appears gradually recover lost ground. The Hang Seng index closed at 17,154 points, up 66 points. 　　and the market volume recorded only more than 78 billion yuan, the speed of capital inflow to the stock market slowed down, so that the short-term momentum of Hong Kong stocks have a sign of decline. The inflow of capital into Hong Kong has slowed down the outflow of capital, and the HKMA has continued to inject more money into the market in Tuesday, with a sale of Hong Kong dollars to curb the excessive strength of the Hong Kong dollar. But given that Hong Kong stocks have been on the rise for two months, both the Hang Seng index and the state-owned enterprise index have risen to 15.4 times and 14 times times, respectively, and the value of the funds to pursue higher rates is small. Therefore, we believe that the flow of funds to Hong Kong is more of a waiting time for the return of HK stocks to come into being and to intervene at relatively low points. 　　And the Hang Seng Index of medium and short term support has been established at 16,000 levels, that is, in the beginning of the May volume breakthrough. HSBC's nine-strong shares of HSBC Holdings (0005) remain the mainstay of the shield, and the performance of the first-quarter results has remained stable, closing at 67.3 Yuan and up 1.8%. However, HSBC has seen a rise in the trend, the 9th RSI index rose to nearly 85, the situation of short-term super buy more and more serious, the stock price expansion and return to the whole will not be unexpected. And when the HSBC appeared back to the whole, there are no other large stocks can be fired up, this is our biggest concern, but also to judge the short-term trend of the market is one of the reference indicators.