Investment 28/11/2025

On the futures settlement day, the Hang Seng Index opened 17 points higher at 25,945, then traded sideways, rising as high as 195 points to 26,123 and falling as low as 105 points to 25,822. It closed up 17 points, or 0.06%, at 25,945, marking its fourth consecutive day of gains. The Technology Index fell 20 points, or 0.36%, to 5,598. Main board turnover was HK$204.7 billion.


The Hang Seng Index is expected to return above its 50-DMA (26,276). If it can stabilize above this level, market sentiment can remain optimistic; conversely, if it continues to fall below this level, the support level of the 100-DMA (25,714) should be closely watched. While the likelihood of a US Federal Reserve rate cut next month is high, the market remains concerned about internal disagreements within the Fed and whether they will affect the pace of rate cuts next year. As for Hong Kong stocks, recent trading volume has been lighter than before, reflecting a more conservative approach from investors ahead of the year-end. This is compounded by recent weak economic data from mainland China, particularly the property market, and the lack of new measures to stimulate the economy. Furthermore, recent earnings reports from companies including technology firms have failed to boost market sentiment, leading to a wait-and-see attitude and hindering further upward momentum.


DBS believes that recent volatility will not hinder the bull market, raising its 12-month forecast for the Hang Seng Index to 30,000 points, equivalent to a projected P/E ratio of 13x next year. DBS points out that Hong Kong stock valuations still have room for moderate upside, and earnings growth is robust. It anticipates the Hang Seng Index to reach a "bullish" level of 36,500 points, equivalent to a projected P/E ratio of 14.6x next year, while the "bearish" level is 23,000 points, equivalent to a projected P/E ratio of 11.6x next year.


With the US Thanksgiving holiday on the fourth day, financial markets were closed, leaving European stock markets directionless and trading in a narrow range with some fluctuation. British, French, and German stocks closed with slight gains of 0.02%, 0.04%, and 0.18%, respectively.


The devastating fire at Hung Fuk Court in Tai Po exposed numerous loopholes in the Hong Kong government's administration, deepening public discontent.

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Investment 24/4/2026

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