Investment 24/7/2023

Hong Kong stocks finally rebounded on Friday (21st) after falling for 3 consecutive days. The HSI opened slightly higher by 9 points to 18,918. In the early part, it lacked direction, and it was a little see-sawed to 18,886. After 10:00, good friends made a move, up 241 points at most, and reached a high of 19,169. In the afternoon, the market closed at 19,075, up 147 points, and surpassed the 19,000- mark. The HS technology index closed at 4,104, up 40 points. The main board's full-day turnover shrank to HK$76.6 billion.

The HSI fell 338 points, or 1.7%, for the week; the FS Tech Index fell 124 points, or 2.93%.

Since May, the HSI has been trapped at 18,044 to 20,155 points. Only when it breaks out of this range can it find a clear direction. The HSI has gradually risen from the low of 18,279 points on the 7th of this month. After holding firmly at the 10-DMA (18,910), it surpassed the 20-DMA (18,966), and even slightly broke the 19,000 mark, showing a signal of stabilization for the time being. If the buying attitude can be slightly proactive, the HSI will have the opportunity to further test the 50-DMA (19,195) and the 250-DMA (19,345). If it can break through 20,155, it is expected to revisit the January high of 22,700 points; otherwise, if it falls below the bottom of the range of 18,044 points, the market will find its bottom again.At present, the HSI is in the middle of the range, and the main average lines have fallen, and the chance of testing the bottom in the short term is slightly greater.

There are 6 trading days left in July. Thursday (27th) will be the peak day for spot-month index futures turnover, while Friday (28th) will be the settlement day for spot-month index futures, and the following Monday (31st) will be the settlement day for spot-month OTC derivatives. Therefore, starting from the beginning of this week, the struggle between the bulls and the bears will become more apparent. The market is waiting to see whether the Politburo meeting in the Mainland in July will introduce substantial measures to stabilize the economy. The GDP of the Mainland economy in the second quarter was weaker than expected, while the base in the second half of last year was relatively high, and the performance of economic data may slow down significantly compared to the first half of the year.

European stock markets developed individually. British and French stocks rose 0.23% and 0.65% respectively, while German stocks fell 0.17%.

The global financial market is about to usher in a super interest rate meeting week. The US Federal Reserve, the European Central Bank and the Bank of Japan will hold interest rate meeting respectively. U.S. bond yields fell on Friday, and U.S. stocks developed individually: the Dow rose about 100 points at the opening, then fell, and then rebounded, once rising 115 points, reaching a high of 35,340. The S&P index had risen 0.44%. The Nasdaq Composite rallied 0.82% and then fell 0.3%.

The US stock market closed. The Dow rose only 2 points to 35,227 ; the S&P index rose 1 point to 4,536; the Nasdaq retreated 30 points to 14,032. 

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