Investment 21/7/2023

Hong Kong stocks first rose and then fell. After the HSI opened higher at 51 points, it rose by up to 263 points to 19,215. It just crossed the 50-DMA (19,211) and encountered resistance. It finally closed at 18,928 for the whole day, fell 24 points, and lost 19,000. The FS Tech index closed at 4,063, down 51 points. Market turnover was HK$104.8 billion , maintaining at HK$100 billion .

Although the central government opened its mouth to support private enterprises and started to raise the RMB, the HSI seemed to be hit by heavy selling in Beishui, and the market closed with a black candle. Near the settlement of the index, it is expected that the HSI will still be dominated by a horizontal pattern in the short term, seesawing between the 10-DMA (18,856) and the 20-DMA (18,973), continuing the narrowing triangle pattern since June. There is resistance at 19,300 and support at 18,600. 

The economic data released by the Hong Kong dollar earlier this week was weaker than expected. The market is worried that the macroeconomic performance of the mainland will continue to slow down, which will affect the performance of corporate profits, dragging Hong Kong stocks down for two consecutive days. Wait and see whether there will be new economic stimulus measures at the meeting of the Political Bureau of the Central Committee at the end of the month. The external trend continued to be positive, the US dollar was adjusted again to reduce the selling pressure on the RMB, and the central banks of various countries had the opportunity to end the interest rate hike cycle, which reduced the selling pressure on Hong Kong stocks. 

European stocks performed well across the board, with British, French and German stock markets rising 0.76%, 0.79% and 0.59% respectively. 

The latest results of US companies are mixed: Tesla’s operating margin decline in the second quarter caused concerns, and the stock price fell sharply by 9.7%; Netflix’s third-quarter revenue outlook was worse than expected, and the stock price dropped by 8.4%. 

U.S. stocks developed individually on Thursday. After opening 30 points higher, the Dow once extended its gains to as much as 311 points, reaching a high of 35,372. The closing gain was almost halved, and it still made gains for the ninth consecutive trading day, the longest winning streak since 2017. The S&P index had fallen 0.84%. The Nasdaq, which is dominated by technology stocks, fell by as much as 2.28%, mainly dragged down by the sharp decline in the stock prices of performance stocks Tesla and Netflix. 

The US stock market closed: the Dow still rose 163 points to 35,225; the S&P fell 30 points to 4,534; the Nasdaq fell 294 points to 14,063. 

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