Investment Daily Note

US stocks up; NASDAQ touched new high .

Gains on the technology sector sent US stocks higher, with NASDAQ closing at an all-time high. Dow closed at 18,162, up 121 points. S&P 500 closed at 2,123, up 19 points. NASDAQ closed at 5,106, up 73 points. ADRs rose in the US market, with their closing prices effectively putting HSI up 12 points, closing at 28,093. New York crude oil futures closed at US$57.51/bbl, down US$0.57, as the market awaited this week’s crude inventory data. Strong US Dollar weighed gold prices lower. New York gold futures settled at US$1,185.6/oz, off US$1.3.

HSI down 168 pts on renewed US rate hike worries .

Forecast-topping economic figures in the US once again spooked investors of a rate hike. The Hang Seng Index extended weakness after being pulled lower by external markets by 35 points at market open, which last stood at 28,081, down 168 points. The HSCEI settled at 14,701, down 100 points. Market turnover was HK$157.5bn. HKEX (388.HK, HK$305.80) retreated 1.2% yesterday after two straight days of winning. On the ex-date of CK Property, CKH Holdings (1.HK, HK$118.20) finished yesterday HK$46.90 lower compared with the closing price of HK$165.10 the day before last. The Hang Seng Indexes Company Limited (HSIL) will resume incorporating the real-time trading price of CKH Holdings in the measurement of the HSI starting today. Also, the HSIL will calculate the valuation of CK Property based on the price fall of CKH Holdings yesterday, and incorporates the valuation of CK Property into the HSI starting today until 2 June. HSI futures investors may note the changes upon CK Property’s listing on 3 June. As to other stocks, Zijin Mining (2899.HK, HK$3.48) proposed non-public issuance of A-shares of not more than RMB10bn, and intended to acquire two overseas companies, rallying 16.4% yesterday after trading resumed. Belle Int’l (1880.HK, HK$10.82) gained 3.0% on posting forecast-beating 2014 results with 8% profit growth.