Investment Daily Note

External markets rallied, and People's Bank of China Governor Zhou Xiaochuan stated that capital markets should be further developed to lower leverage level. We believe Zhou’s statement is positive to market sentiment. Hang Seng Index may test 100-day moving average (about 20,880) in the short-term.

China Resources Land (1109.HK)is scheduled to release its FY15 results today. However, the surge in property prices last year isn’t reflected in the results yet. Therefore, it could be expected to further improve, bringing support to stock price in mid/long-term.