Investment 7/6/2023

After the HSI opened 8 points higher, it rose by as much as 269 points in the early stage, driven by mainland property stocks. After reaching a high of 19,377, there was profit-taking. In addition, the mainland A-shares fell further, dragging the HSI from rising turned down, as low as 19033 points, down 75 points, and finally closed at 19,099 points, down 9 points. The technology index closed down 6 points at 3,834. The full-day turnover of the Main Board was HK$102.4 billion. 

The U.S. exchange rate fell overnight, coupled with the favorable inflow of Chinese capital on Monday, the Hang Seng Index rose nearly 900 points in two days and successfully stabilized at 19,000 to close. The HSI tried to exceed 19,300 points in the early stage. However, due to the weakening of the RMB, the progress of the economic recovery in the Mainland was not as expected, and the A-share market was dragged down. Unless the HSI can stabilize at 19,300 in the short term, the market outlook will be more optimistic; however, if the HSI rebounds again, the resistance at the 50-DMA (19,782) is already large. The market is waiting to see the next CPI data in the US, the results of the interest rate meeting in June, and the "three-headed carriage" data in China. The market took profits yesterday and was still troubled by fundamental factors. It is expected that Hong Kong stocks will continue to run rampant in the short term, with little room for growth. 

European stock markets remained stable, with British, French and German stock markets rising 0.37%, 0.11% and 0.18% respectively. 

Apple released the Apple Vision Pro, and investors took advantage of the good news to ship. The stock price fell after breaking the peak on Monday. Boeing's 787 Dreamliner faced delays in delivery due to new defects in production, and its stock price fell as much as 3.9 percent at one point before narrowing its losses to 0.7 percent. Bank stocks performed well, offsetting the impact of the pressure on Apple and Boeing stock prices, and US stocks struggled on Tuesday. The Dow opened 15 points lower and fluctuated within a narrow range. It once rose 68 points to a high of 33,631, and then turned around and fell 163 points to a low of 33,399.  The three major indexes finally stabilized, and the S&P 500 index hit a new high in nearly 9 months. 

US stocks closed: the Dow rose 10 points to 33,573; the S&P 500 rose 10 points to 4,283; the Nasdaq narrowed its gain to 47 points to 13,276. 

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