Investment 20/7/2023

Hong Kong stocks first fell and then turned back. The HSI opened 189 points lower, and the decline once expanded to 304 points, reaching 18,711 points. However, the decline narrowed in the afternoon, falling only 11 points, reaching a high of 19,004 points. However, the resistance near the 19,000 mark is relatively large , HSI closed down 63 points to 18,952, down 461 points in two days. The HS Tech index closed at 4,114, down 14 points. Market turnover increased by 18% to HK$111.7 billion .

The HSI created a falling gap between 18,826 and 18,979 at the opening of the market yesterday. Fortunately, it fully covered it today and closed with a white candlestick. In the short term, the pattern of ups and downs is still maintained, and the 18,000 point level is expected to have greater support. If the HSI can make a bottom near the 10-DMA and the 19,000 level, and continue the narrowing triangle pattern since June, it may have a chance to test the 19,400 level. As for the 20,000 level, there will be greater resistance. 

China's economic data has been worse than market expectations, and the recovery is not as expected. Many major banks have lowered their forecasts for China's economic growth. In addition, Evergrande's performance reflects that the domestic housing crisis has not been resolved, and the RMB has depreciated sharply, dragging down Hong Kong stocks. The trend of the HSI fluctuated one wave after another, and each round of rebound failed to break through the top of the previous wave, which is bearish on the market outlook. 

European stock markets developed individually. British stocks performed the best, led by real estate stocks and closed up 1.8%. French stocks edged up 0.11%, while German stocks retreated 0.1%. 

British inflation slowed sharply in June, falling to a 15-month low, boosting market confidence in central banks around the world to slow down tightening policies. The U.S. stock market maintained its upward trend on Wednesday. 

The Dow opened 39 points higher and then climbed up. The Dow broke through the 35,000 level and rose more than 282 points at one point, reaching a high of 35,234. The closing rally narrowed significantly, only up 109 points to 35,061, which is still 8 consecutive points A good trading day. The S&P 500 index closed up 10 points at 4,565. The Nasdaq, which is dominated by technology stocks, closed slightly higher by 4 points to 14,358. The three indexes continued to hit a new 15-month high since April 2022. 

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