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GJ-HKEX@EC2601A
17971.HK
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Hong Kong Exchanges and Clearing (388.HK): Previous highs under pressure with fluctuations, whether trading volume can increase is key

The Hong Kong Exchanges and Clearing (HKEX) made several attempts to surge to previous high levels during the trading session yesterday, ultimately closing with a slight increase. However, due to the overall trading volume not significantly expanding, the short-term pace appears somewhat cautious. The trading atmosphere in the market has warmed up, with northbound funds showing a net inflow again, driving a positive performance in the morning session. As a core target in the market, HKEX has always been a focus for active funds, especially stimulated by news of new stock listings, which has enhanced the market heat for HKEX through weight rotation. In the afternoon, some funds chose to take profits, leading to increased volatility at high levels. From a sector perspective, the interaction between northbound and southbound funds has become a long-term favorable logic for HKEX. The market generally expects that trading volume is likely to further expand in the future, but the Hang Seng Index experienced significant fluctuations during the day. Under the catalysis of T+0 trading policies, the short-term capital game has noticeably intensified. The entire day's trend was repetitive, with significant resistance at high levels, and a fierce tug-of-war between bulls and bears at critical points. The intraday trading volume did not show smooth expansion, indicating that a phase breakthrough is waiting for the main funds to follow through. From a technical perspective, HKEX currently maintains a bullish structure, dominating market sentiment. Indicators are generally in an upward channel, but in high zones, the adjustment sentiment among funds has intensified, and the willingness to take profits on holdings has increased. Whether an effective breakthrough can be formed in the future will depend on observing the follow-up volume and new policies providing support. In the medium to short term, if trading volume continues to expand, a true breakthrough at key positions is expected; if the volume shrinks, there may be repeated fluctuations at high levels. Investors should pay attention to policy trends and the overall capital aggregation effect in the Hong Kong stock market

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Technical Forecast·
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