HKEX(HK:00388) Ge Long Hui·2025-05-15 10:06Core Viewpoint - The recent performance of Hong Kong Exchanges and Clearing Limited (HKEX) has attracted market attention, with the stock price at HKD 376.8, down 1.10%. The trading activity in derivatives has significantly increased, indicating a mixed technical signal with a potential for short-term adjustments [1]. Technical Analysis - The MACD indicator shows a buy signal, while the RSI is nearing the overbought zone, suggesting a possible technical adjustment in the short term [1]. - The key support level is identified in the range of HKD 333-340, while the psychological resistance is strong at HKD 400. The current stock price is positioned in the middle of this critical trading range, warranting close attention to short-term directional choices [1]. Derivative Performance - On May 13, when the underlying stock rose by 1.98%, HSBC bull certificates (66921) and UBS bull certificates (68185) both increased by 14%, while BNP Paribas call warrants (13399) rose by 10%, and JPMorgan call warrants (29203) increased by 9%. This demonstrates the leverage advantage of bull certificates in a moderate upward market [2]. - Investors are encouraged to consider products with exercise prices around HKD 408, such as the call warrant (13517) with a leverage of 6.19 times and HSBC call warrant (15891) with an implied volatility of 38.83% [5]. Bearish Strategies - For investors with a bearish outlook on HKEX, various derivative tools are available. Citigroup put warrant (16606) offers a leverage of 7.3 times with a low premium and implied volatility, with an exercise price of HKD 333.9. The call warrant (15262) has a slightly lower leverage of 6.4 times but also features low implied volatility [8]. - High-leverage options include JPMorgan bear certificate (52629) with a redemption price of HKD 400, providing a leverage of 19.5 times, and UBS bear certificate (52543) with similar terms offering 17.3 times leverage [8]. Market Sentiment - Observations indicate that some investors are optimistic about HKEX, anticipating the stock price to reach between HKD 380-400. Conversely, there are also strategies involving put warrants with exercise prices around HKD 281 [11].