Investment 9/6/2023

The Hong Kong stock market continued to hold on to the 19,000-point mark. The Hang Seng Index opened 24 points lower at 19,227. After a brief rise, the selling pressure intensified. The market's uptrend was not guaranteed. It once turned down 165 points and reached a low of 19,087 with support. It regained lost ground in the afternoon and once rose 87 points to a high of 19,339. The end of the market is back. In the end, the Hang Seng Index closed at 19,299, up 47 points. The HS Tech index fell 26 points to close at 3,894. Market turnover was HK$84.4 billion . 

The Hang Seng Index started to climb up in June, and finally regained the 20-DMA (19,216) and the central axis of the Bollinger Band (19,225) in the past two days. The RSI continued to rise to 54 in 9 days yesterday, and the MACD maintained a bullish gap. The situation is biased and there is a chance to challenge 250 The bull-bear line (19,600) level. However, the shrinking turnover shows that funds are not willing to enter the market, which makes the rebound not solid enough. 

European stock markets performed individually, with British stocks falling 0.32%, while French and German stocks rose 0.27% and 0.18% respectively. 

The U.S. Department of Labor announced that the number of initial jobless claims for the week ended June 3 surged by 28,000 to 261,000, a new high since October 2021 and more than the expected 235,000. The sharp increase in the number of US jobless claims eased the market's concerns about the Fed's interest rate hike, and bond yields immediately turned back. U.S. stocks rebounded repeatedly on Thursday. The Dow opened slightly lower by 8 points and then rose shortly thereafter. It rose by as much as 208 points and hit a high of 33,873. The S&P 500 index once rose 0.71%, and the Nasdaq, which is dominated by technology stocks, once rose 1.1%. 

The U.S. stock market closed. The Dow rose 168 points to 33,833; the S&P 500 rose 26 points to 4,293; the Nasdaq rebounded 133 points to 13,238. 

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