BofA
Merrill Lynch, in its latest research report, said the Mainland banks
stocks of higher risk assets and liabilities will benefit more from the
declined interest rates, expecting Mainland banking sector will
outperform against the insurance sector. In the Mainland banking sector,
MINSHENG BANK (01988.HK) +0.110 (+1.478%) Short selling $25.43M; Ratio 7.387% and CCB (00939.HK) +0.020 (+0.357%) Short selling $41.99M; Ratio 5.762%
were chosen as the top picks. Meanwhile, due to Shanghai-Hong Kong
Stock Connect, the valuation of brokerage H shares is much higher than
that of Mainland banks shares, and the former should have limited upside
potential in near term. The research house expects CHINA CINDA
(01359.HK) -0.050 (-1.425%) Short selling $5.92M; Ratio 5.008% to outperform against other brokerage stocks, and downgraded CITIC SEC (06030.HK) -0.380 (-2.023%) Short selling $22.97M; Ratio 29.345% from Buy to Neutral.
Shanghai Pechem (00338.HK) Trading Sell Last price: HK$2.43 Resistance: HK$2.60 Support: HK$2.27/2.13 Shanghai Pechem closed lower at HK$2.43 in a long dark candle yesterday, short of the 0.38x retracement level at HK$2.41. Given that the Slow Stochastics has breached the previous low and the MACD is under the centreline, the stock is likely to test the 0.5x retracement level at HK$2.27. If the stock breaches this support, it will then test the 0.62x retracement level of HK$2.13. Expected Timeframe: 2 weeks to 2 months Wisdom Group (01661.HK) Trading Sell Last price: HK$5.47 Resistance: HK$5.65 Support: HK$5.22/4.96 Wisdom Group gapped down to re-enter the moving average envelope yesterday on strong volume. With reference to the downside bias of both the Williams’ %R Indicator and the ROC, we expect the stock to test the moving average of the envelope at HK$5.22. If the stock crosses below the moving average of the ...
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