Investment 15/6/2023

Both the S&P 500 and the Nasdaq hit new highs in 13 months. Hong Kong stocks lacked direction yesterday after rising for five consecutive days. The HSI opened 26 points higher at 19,547. It struggled in the early stage, and then expanded to 120 points, reaching a high of 19,641. However, there was no follow-up buying. It fell 169 points, reaching a low of 19,352. In the end, the HSI closed at 19,408, down 113 points, ending the 5-day rally. The HS Tech index rose 14 points to close at 4,052. The full-day turnover of the market was HK$93.1 billion , still lower than HK$100 billion . 

The 250-day moving average (19,572) of the bull-bear boundary of the HSI gained and then lost yesterday, but it has accumulated more than 1,200 points since this month, and the bottom has moved upward steadily. Technically, the Hang Seng Index has also broken through and stabilized its Bollinger central axis and 20-DMA (19,137). Coupled with a series of stimulus measures introduced by the mainland, although the market outlook is unlikely to rise sharply, it is not advisable to take it too lightly. There is a narrow range between 19,000 and 20,000 points, and there is a chance to try another 20,000 levels. 

After the specific situation of the interest rate hike cycle is relatively clear, the trend of Hong Kong stocks will be further clarified. In addition, whether the mainland will introduce more policies to stabilize the economy, such as whether it will lower LPR and MLF in the short term to improve capital liquidity, will also have an impact on Hong Kong stocks. 

European stocks performed well, with British, French and German stocks closing up 0.1%, 0.52% and 0.49% respectively. 

The Federal Open Market Committee (FOMC) announced the results of the interest rate meeting. The policy interest rate remained unchanged. The target range of the benchmark interest rate remained at 5% to 5.25%, in line with market expectations. It was the first time in 15 months that the interest rate hike was suspended. The benchmark interest rate remained It is at its highest level since August 2007. The year-on-year increase in the U.S. producer price index (PPI) in May slowed to 1.1% from 2.3% in April, the smallest increase since 2020 and a lower-than-expected increase of 1.5%. 

The U.S. stock market developed individually in the early part of Wednesday. After opening 167 points lower, the Dow once lost more than 200 points. After the announcement of the interest rate decision, the Dow once plunged 428 points, reaching a low of 33,783; the S&P once fell 0.71%, and the Nasdaq fell 0.86% at most. 

.S. stocks closed, the Dow still fell 232 points to 33,979; the S&P 500 index edged up 3 points to 4,372; the Nasdaq rose 53 points to 13,626. 

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