Investment 11/3/2023

The fine of Ant Group, a subsidiary of Alibaba (9988), was settled. Investors hoped that the regulatory pressure on mainland technology companies would be relieved. The Hang Seng Index rose by as much as 416 points after opening 382 points on Monday, reaching a peak of 18,781 points. However, the economic data released by the mainland fell short of expectations. , the rise of the Hang Seng Index gradually narrowed, closing at 18,479 throughout the day, up 114 points, ending the decline for three consecutive trading days.  The HS technology index rose 43 points, closing at 3,945.     The market turnover fell 23.1% from the previous trading day to HK$78.2 billion  , less than 100 billion for 14 consecutive trading days. 

Although Hong Kong stocks rebounded as expected, the turnover is still weak, and there is still downward pressure in the short term. The trend is temporarily dominated by weak friends, the short-term and mid-term have weakened, and the short-term is now showing a wave below a wave. Even if there is another rebound, the falling gap of 18,973 to 19,095 points on July 6 and the descending track (19,087) formed since mid-June will be the resistance. If the rebound ends, the market will test the low of 18,044 on May 31. However, if the mainland government introduces favorable policies before announcing the latest GDP, the Hang Seng Index can break through 19,000 before it can be said to have a chance of turning around. The market outlook may test 19,500 to 19,800. 

Investors should pay attention to whether the rising trend of technology stocks in Hong Kong stocks can continue, and how the U.S. consumer price index (CPI) affects the expectations of the U.S. Federal Reserve to raise interest rates. As the CPI and PPI data of the Mainland last month were worse than expected, the market is worried that the economic growth in the Mainland will not be as optimistic as expected, Sino-US relations are tense, and the market investment sentiment is not good, so the current market turnover is still low. 

European stock markets performed well across the board, with British, French and German stock markets rising 0.23%, 0.45% and 0.45% respectively. 

The market is waiting for the inflation data to be released later this week and the performance of U.S. companies in the new quarter. U.S. stocks performed well on Monday. The performance of the index and the Nasdaq fluctuated; the index once rose 0.31%; the Nasdaq, which is dominated by technology stocks, once fell 0.56%. 

The U.S. market closed, with the Dow at 33,944, up 209 points, reversing the losing streak in the past three trading days; the S&P 500 at 4,409, up 10 points; the Nasdaq at 13,685. 

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