Investment 2/6/2023

Th HSI opened 44 points lower in the early session. The Mainland announced that the Caixin Manufacturing Purchasing Managers’ Index (PMI) in May beat expectations and returned to the level of expansion after two months, hitting a new high in 3 months , but the RMB turned from rising to falling in the afternoon, and the rising trend of A-shares slowed down, and the selling pressure was obvious. The market immediately turned around and closed down 17 points to 18,216, with a daily high and low fluctuation of 275 points. The technology index rose 4 points to 3,630. The turnover of the main board for the whole day was HK$128.5 billion , a decrease of about 25% from the previous day. 

The U.S. House of Representatives voted to pass the debt ceiling bill. Mainland PMI beat expectations in May, but Hong Kong stocks rebounded weakly in June. Although Hong Kong stocks rebounded at the opening of the market yesterday morning, the market conditions are still weak. Under the influence of uncertain factors such as the Fed’s interest rate hike, the economic outlook of China and the United States, and the weakness of the RMB ,  investors should be aggressive at this stage. Even though the market has rebounded, last Friday's falling gap (18,930 to 19,046) is not a light resistance. If the HSI falls below 18,000 in the next two days, there is a chance to test the rising gap (17,364 to 17,536) left at the end of November last year. If it is weaker, the target for the mid-line drop is even 14,900. 

The debt ceiling bill is expected to be passed by the Senate before the adjournment, and the U.S. debt crisis is expected to be lifted. However, concerns about the global economic slowdown linger, and some artificial intelligence (AI) companies’ profit guidance fails to rationalize the recent hype. U.S. stocks are good on Thursday Light quarrel. The Dow fell after opening 21 points higher. It once fell 203 points to a low of 32,704, and then quickly turned up. The increase was extended to 259 points at the end of the period, and its high was 33,167. 

U.S. stocks closed: The Dow slowed down to 153 points to 33,061; the S&P 500 rose 41 points to 4,221; the Nasdaq jumped 165 points to 13,100, the same high as the S&P since August last year. 

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