Investment 31/5/2023

Hong Kong stocks fluctuated at the end of the futures index day. The HSI opened 23 points higher. The early gains had expanded to 115 points, reaching a high of 18,666. However, the RMB hit a new half-year low, which dragged the market down. The HSI fell by as much as 182 points. However, driven by the A-shares in the afternoon, the market rebounded and finally closed at 18,595, up 44 points.   The HS Tech index rose 54 points to 3,702 points. The market's full-day turnover shrank to HK$9.45 billion. 

The recent performance of Hong Kong stocks has been weak, but the Hang Seng Index has entered the oversold level technically. The drop to nearly 18,000 points has some support. It has organically continued to rebound today, but last Friday’s break (18,930 to 19,046) is not a light resistance, and there is not much room for growth . There are still many negative factors ahead of the market target, and the market outlook may start to cover the upper gap left at the end of November last year (17,364 to 17,536). In the worst case, the target for the mid-term drop is even 14,900 points. 

European and Asian stock markets were under pressure, with British, French and German stocks falling 1.38%, 1.29% and 0.27%, respectively. 

The U.S. Congress and the White House have reached an online agreement on debt affairs, which will be voted by the House of Representatives on the 31st May at the earliest. The risk of debt default is expected to be resolved, which is expected to drive U.S. stocks this week. The U.S. stock market resumed after the holiday. On Tuesday, the market rebounded. The Dow opened slightly higher by 10 points and then fell quickly. At one point, it hit 199 points and hit a low of 32,893. The S&P index rose by 0.61%, and the Nasdaq rose by 1.38%. 

The U.S. stock market closed, and the Dow’s decline appeared to be narrowed, plunging 50 points to 33,042; the S&P 500 index was unchanged, and it was flat at 4,205; the Nasdaq rebounded 41 points to 13,017. 

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