Investment 1/6/2023

The HSI opened 180 points lower and then the trough intensified. It once fell to 551 points to 18,044. Not only did it fall to its lowest level since the end of November last year, it also fell 20% from this year's high of 22,700. It fell into a "technical bear market". It closed down 361 points at 18,234.  The technology index fell 75 points to 3,626. Turnover on the main board rose sharply to HK$170.9 billion. 

Throughout the month of May, the HSI fell by 1,660 points or 8.3%; the HS Tech index fell by 274 points or 7.04%. 

Calculated by the trend: The HSI rebounded from 14,597 points on October 30 last year and peaked at 22,700 points on January 27 this year. If the fibo 0.618 times the increase is adjusted, it will reach 17,692. 

The Hang Seng Index will not be able to recover to 18,300 in the next two days, and Hong Kong stocks will continue to rebound downwards. There is a chance to test the level of 17,692. The situation is even worse, see 14,597 again. 

China's manufacturing PMI fell to 48.8 in May, and remained at a narrowing level for two consecutive months. Coupled with the continued weakening of the offshore RMB, Hong Kong stocks continued to search on the last trading day of the "May, poor months". In terms of the situation, the Hong Kong stock market has continued to underperform the U.S. stock market and A-share market this year, and has entered the "June, difficult months". If you want to change the situation in May, the next economic data released by the mainland will stabilize market confidence, or the mainland government will introduce positive news. If there are no economic measures, Hong Kong stocks of raw materials will continue to rebound and decline in June. 

European stock markets continued to decline, with British stocks down 1.01%, and French and German stocks all up 1.54%. 

Investors are watching the U.S. House of Representatives to issue bills on debt cases. Coupled with weak manufacturing data from China, the market sentiment has been affected. U.S. stocks were under pressure on Wednesday. After opening 10 points lower, the Dow immediately plunged into the water, once fell 303 points, reaching a low of 32,739, and the closing decline narrowed; the S&P once fell 0.94%, and the Nasdaq also fell by a maximum of 0.98%. 

US stocks closed, the Dow dropped 134 points to 32,908; the S&P 500 fell 25 points to 4,179; the Nasdaq dropped 82 points to 12,935. 

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