Investment 5/7/2023

Hong Kong stocks opened lower and moved higher on Tuesday. The HSI opened 17 points lower and reported at 19,289, then fell repeatedly. In the early part, it fell more than 50 points to the lowest point of the day at 19,253. The offshore RMB rebounded to 7.22. In addition, driven by Internet stocks, biotechnology stocks and ATMXJ, it once rose by 142 points, reaching a high of 19,449. After softening in the afternoon, the late market regained strength and closed at a near-day high of 19,415, up 109 points, rising for two days in a row. The market volatility throughout the day was 196 points. The HS technology index closed at 4,074, up 20 points. The daily turnover of the main board was HK$76 billion. 

Yesterday, the HSI rose above the 20-DMA (19,327) with a small white candlestick. If the RMB maintains its upward trend, the market is expected to challenge the 250-DMA (19,463), which is the boundary between bulls and bears. If it can overcome and stabilize for a few days, it will attract funds into the market, and it is not ruled out that there will be a wave of rising waves. The upper resistance is the 100-DMA (19,861) and the 20,000-point mark. 

At present, the market lacks certain confidence and themes that can be hyped, so the turnover is low. It is expected that the Hang Seng Index will hardly make a major breakthrough in the short term and will continue to operate within a narrow range. US interest rate hike is expected to cool down, temporarily reducing the pressure on RMB depreciation, but the rebound is expected to be short-lived. U.S. Treasury Secretary Yellen's visit to China, the market expects that the two sides may have the opportunity to reach consensus on economic and trade, transportation, aviation and other fields, but it is expected that Sino-U.S. relations will be difficult to break the ice. The Mainland may introduce some more significant economic stimulus policies after July, but the market is worried that China's economic recovery will be slow, or even recession. 

The main market of European stocks is biased, and the soft trading is weak, which is 20% lower than the average in the past 30 days. Britain's FTSE 100 index closed at 7,519 points, down 7 points; Germany's DAX index closed at 16,039 points, down 41 points; France's CAC 40 index closed at 7,369 points, down 16 points. 

Financial markets were closed in the United States on Tuesday for the Independence Day holiday. The inversion of U.S. bond yields has intensified, increasing the risk of recession. U.S. stock Dow futures fell by about 40 points. Investors waited for the U.S. job creation and unemployment rate data for June to be released on Friday, as well as U.S. companies’ new quarterly results to be released next week. 

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