Yesterday (29th), the Hang Seng Index fell as low as 24,444, confirming significant resistance near Monday's (28th) high of 24,767. This morning (30th), the index further declined to 24,333, but it is encouraging to see bargain hunters gradually increasing. Last Friday's (25th) low of 24,276 remains a key short-term support level and should not be breached. On the daily candlestick chart, the lower band of the Bollinger Bands support continues to move downward, and the bearish pattern of 'lower lows' has not yet shown signs of being broken. All five major technical indicators on the chart are bearish, indicating that bears fully control the short-term situation. Among the 95 index constituent stocks, BeiGene, AIA (01299), and WuXi Biologics show relatively strong resistance to declines, while Tencent (00700) and HSBC (00005) have become key tools for large bearish players to push down the market on the September off-exchange stock options expiry day. The overall market trend remains volatile and biased bearish, and investors should not consider holding index bull certificates overnight to take risks. {Chief Advisor of Economic Information and Trading, Leung Yip Ho} (Website: www.BennyLeung.com)
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