Investment 25/5/2023

Hong Kong stocks remained weak on Wednesday. After opening 152 points lower, the Hang Seng Index fell repeatedly, falling by as much as 385 points to a more than two-month low of 19,046, drop 315 points, a cumulative drop of 563 points in two days, hitting a low of more than two months. The HS technology index fell 76 points to close at 3,775. Market turnover was HK$97.9 billion , less than HK$ 100 billion  for five consecutive trading days, the first time since mid-September last year. 

The U.S. debt ceiling negotiations are at a stalemate. U.S. stocks fell overnight. In addition, the FOB price of the RMB has fallen to a new low in half a year. Funds are reluctant to enter the market. Hong Kong stocks have been sluggish for several days. The Hang Seng Index will fall below 19,000 points in the short term, but the price-earnings ratio will fall below 10 times, which is a harbinger of bottoming out. It is expected to see support when it returns to the March low of 18,829. At that time, Chinese funds and other investments will once again take advantage of the low price. 

The U.S. debt ceiling crisis has not been resolved for a long time, exacerbating market panic. U.S. stocks were under significant pressure on Wednesday. The Dow fell for the fourth consecutive trading day. It opened 33 points lower and then fell sharply. The index once fell 1%, while the Nasdaq, which is dominated by technology stocks, fell as much as 1.15%. The Speaker of the Republican House of Representatives McCarthy said that negotiators between him and President Biden will resume negotiations at noon local time on Wednesday. Treasury Secretary Yellen reiterated that the government is likely to run out of cash on June 1 and is beginning to see pressure in the market. She emphasized that the Biden administration is focusing on reaching a debt limit agreement and that the Treasury Department has no contingency plan for debt default. 

US stocks closed, the Dow continued to drop 255 points to 32,799; the S&P 500 dropped 30 points to 4,115; the Nasdaq dropped 76 points to 12,484. 

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