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Depression After Fed rate hike Hong Kong equities worth reproducing?

December 17, at three o'clock in the morning, or the Federal Reserve will start raising interest rates for the first time in almost ten years. 2015 is the external market factors affecting the Hong Kong stock market, the Fed raised interest rates will drop out? depression value of Hong Kong stocks will be released? or will be launched next year, "Shenzhen Tong" and will bring to Hong Kong, and what surprises?

"the Fed raising interest rates before the market reaction will be more intense, boot floor will have a small rebound, 1-2 months but there is still a lot of uncertainty, bounce height is not high, expects the Hang Seng index range is 18,000 points ~25000 points. "Compared to the optimism in the market, China Merchants securities (Hong Kong) Chief Zhao Wenli, a strategist for the China Business Journal said.

for many investors in the Mainland, Hong Kong equities relative to the a-shares at a discount is huge, especially the small and medium cap stocks, h PE far below the a and b share. However, Hong Kong still has a lot of potential uncertainties at the present stage, Zhao Wenli, told the newspaper: "depression index valuation is deceptive, Hong Kong equity valuations in most industries are still in history near the median valuation does not extent to the absolute cheapest, on the surrounding emerging market valuation advantages reduced, long-term investors can perhaps, but it cannot be used as a short-term basis for admission. "

after the move in Hong Kong or still maintaining shock present, the market for Fed rate hike expectations rose to highs, Yellen, the Fed Chairman also said that" late interest rates could hurt the economy. "" After the move time ", China Merchants securities for Hong Kong's core ideas brewing-dull-broken, Hong Kong stock short term upside is still affected by negative factors, attention to structural market in the second quarter of next year. What is the disadvantage?

investment securities think, has China economic down cycle yet end; fed opened raised interest rates channel, future raised interest rates rhythm and balance sheet changes exists uncertainty; Yuan devaluation expected still strongly, effect Hong Kong stocks in the funding listed company of valuation level; capital outflow pressure continued, hinder capital project open progress, makes North water South to channel not Chang; to capacity, and to lever brings of debt default risk speed up surfaced water And international relations from outlying election transformed and Black Swan events caused by external shocks will emerge and so on.

as one of the most liquid markets in the world, nothing could affect the trend of Hong Kong, "Hong Kong cannot alter its rangebound pattern, wave hub or move down is expected to Hang Seng index range is 18,000 ~25000, State-owned enterprises index range is 8,000 points ~12000 points. "Zhao Wenli said.