Investment 21/6/2023

China's reduction of the loan market quotation rate (LPR) in June was less than market expectations. The HSI opened lower by 49 points. It fell by as much as 408 points to 19,504, dragged down by a sharp drop in the RMB. Afterwards, driven by the stabilization of mainland A-shares and the narrowing of the decline in the RMB, the decline in the HSI also narrowed slightly in the late market. It fell 305 points throughout the day and closed at 19,607 points. The HS technology index fell 103 points to 4,075. Market turnover fell back to HK$94.4 billion . 

The U.S. stock market was closed overnight, Hong Kong stocks lacked direction on Tuesday, coupled with the weakening of the RMB ,  and the U.S. Nasdaq began to weaken last Friday, affecting the atmosphere of the entire technology and Internet stocks, so Hong Kong stocks performed weakly. It is expected that the HSI will fall below the 250-DMA today and test the short-term important support of 19,000. If the market outlook breaks the low of 18,829 in March, it will only take a breather at 18,500. 

European stock markets followed US stocks down. British, French and German stocks closed down by 0.25%, 0.27% and 0.55% respectively. 

The U.S. stock market resumed after the holiday on Tuesday. Investors took profits for the second consecutive trading day. The Dow opened 92 points lower and then continued to decline. It fell by as much as 383 points and reached a low of 33,915. The closing decline narrowed, marking the second consecutive decline. For the first trading day, the S&P once dropped 0.96%, while the Nasdaq, which is dominated by technology stocks, also fell 0.93%. 

The U.S. stock market closed. The Dow recovered some lost ground and still fell 245 points to 34,053; the S&P 500 dropped 20 points to 4,388; the Nasdaq continued to drop 22 points to 13,667. 

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