Investment 30/6/2023

The HSI opened 8 points higher and reported at 19,180, reaching an intraday high. Affected by A-shares, Hong Kong stocks continued to weaken. In the afternoon, they lost as much as 334 points, reaching a low of 18,837, and finally closed at 18,934, down 237 points, almost evaporating the gains of the past two days . The HS Tech index fell 68 points to close at 3,933. The full-day turnover of the market rose slightly by 3.6% to HK$82.1 billion . 

Under the drag of A-shares, Hong Kong stocks opened higher and lowered on the settlement day of the futures index, and fell below the 19,000-mark. China Science and Technology Network and domestic demand stocks were under pressure. Investors are concerned about whether the U.S. Federal Reserve will raise interest rates in July, Sino-U.S. relations, the weak trend of the RMB, and the weaker-than-expected performance of the mainland economy. Even though they expect the mainland to introduce more policies to support the economy in July, they still wait and see when the policies will be implemented and strength, so it is difficult for the market to have a big rebound. 

Today, the HSI will be quarterly and semi-annual settlement.  Funds will generally hold up the index to whitewash the window. The HSI may return to above the 19,000 level. However, Hong Kong stocks will resume their upward trend and break through the upper two falling gaps and 4 moving averages. Not much, it is expected that there will only be a rebound but no increase. In the short term, it still fluctuates mainly around 19,000. The short-term support level is 18,400 to 18,500, and the upward resistance level is 19,500. 

European stock markets developed individually. French stocks rose 0.36%, while British and German stock markets fell 0.38% and 0.01% respectively. 

U.S. gross domestic product (GDP) grew at an annualized rate in the first quarter, revised up to 2 percent from 1.3 percent. The number of people claiming unemployment benefits for the first time fell by 26,000, the largest drop since October 2021, to 239,000, lower than the expected 265,000. U.S. stocks generally performed well on Thursday, led by bank stocks. 

The Dow opened almost flat and then rose sharply. The mid-term increase once expanded to 295 points, reaching a peak of 34,147. The S&P rose by as much as 0.49%; however, the Nasdaq once fell by 0.38%. 

The U.S. stock market closed : The Dow continued to rise by 269 points to 34,122; the S&P 500 rose by 19 points to 4,396; the Nasdaq repeatedly retreated less than 1 point to 13,591. 

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