Investment 29/6/2023

Yesterday, the Hong Kong stock market struggled. The HSI opened 48 points lower at 19,099. The decline once expanded to 128 points, reaching a low of 19,019. However, there was buying support at 19,000. However, it was restricted by the 20-DMA (19,225), and fell 25 points in half a day. In the afternoon, within the range in the morning, the HSI closed up 23 points at 19,172. The HS technology index regained the 4,000-point mark and closed at 4,001 , up 29 points. The market's full-day turnover was less than HK$80 billion , only 79.3 billion . 

From last Friday to this Tuesday, the HSI formed a "morning star" turnaround pattern. Generally, the rebound can return to the starting point of the falling wave, which is 20,155. But at present, Hong Kong stocks are still in a state of consolidation, and may fail to break through the central axis of the Bollinger Channel, and it is expected to be quite difficult to break through the 20-DMA. To break through, there needs to be major positive news and capital promotion, and investors seem to wait until today's period end and tomorrow's quarter end to act, which makes the transaction quiet. Therefore, if there is no special news, it is expected to be at the level of 19,000 in these two days.  The low level of 18,800 in December last year and March this year should be supported. 

European stock markets performed well, with British, French and German stock markets rising 0.52%, 0.98% and 0.64% respectively. 

The U.S. intends to expand control over chip exports to China. Conductor stocks are under pressure. In addition, U.S. Federal Reserve Chairman Powell made a hawk at a forum hosted by the European Central Bank, saying that he would not rule out raising interest rates in two consecutive meetings. U.S. stocks developed individually on Wednesday, the Dow The index opened 45 points lower and then fell immediately. At one point, it fell 170 points, reaching a low of 33,755, and the closing decline narrowed. The S&P 500 index also fell 0.42%, but the Nasdaq, which is dominated by technology stocks, repeatedly rose by 0.73%. 

U.S. stocks closed, with the Dow down 74 points to 33,852; the S&P 500 dropped 1 point to 4,376; the Nasdaq narrowed its gain to 36 points to 13,591. 

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