Investment 27/7/2023

After the Hang Seng Index rebounded by more than 700 points on Tuesday, Hong Kong stocks performed weakly on Wednesday. The HSI dipped throughout the day, opening 93 points lower at 19,340, and then continued to be weak. It once fell as low as 19,245 points and fell 188 points. The decline narrowed in the afternoon, and finally closed at 19,365, down 69 points, with a narrow range of 158 points. But it is still above the 250-DMA (19,325). The HS Technology Index fell 38 points to 4,218. Market turnover was once again less than 100 billion , only HK$ 87.5 billion , a sharp drop of 38% from the previous day.

Hong Kong stocks retreated and adjusted on Wednesday, but the HSI fell only 69 points, a small retreat, and its performance was better than expected. The 250-DMA bull-bear line  was not  lost yesterday, and it is expected to struggle at this watershed in the short term. If the 10-DMA (19,580) can be revisited, it will be a signal of a turnaround. Tomorrow (28th) before the futures index settlement date, the market conditions may be more volatile. If the 100-DMA  can be stabilized in the market outlook, or there is long-term capital inflow, it may usher in a new rising wave and challenge upwards to 20,300 points. 

European stock markets were under pressure led by luxury goods stocks. British, French and German stocks fell 0.19%, 1.35% and 0.49% respectively. 

The U.S. Federal Reserve announced a 0.25% rate hike after the meeting, raising the target range for the federal funds rate to a 22-year high between 5.25% and 5.5%. This is the 11th rate hike since the start of the rate hike cycle in March last year, which is in line with market expectations. 

The U.S. stock Dow stabilized after the announcement of the interest rate decision. Afterwards, the market tended to expect the Fed to pause the pace of raising interest rates. The news stimulated the Dow to expand its rally to 195 points. It reached an intraday high of 35,633. The S&P and Nasdaq also recovered for a while Afterwards, Powell said that the bureau will not cut interest rates within this year, and the Dow's rise narrowed immediately, still rising for the 13th trading day in a row. 

The US stock market closed. The Dow rebounded 82 points to 35,520;  the S&P index fell less than 1 point to 4,566; the Nasdaq fell 17 points to 14,127. 

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