Investment 11/8/2023

The HSI had fallen by more than 200 points in the early stage, but there was support when it approached 19,000. In the afternoon, it gradually recovered the lost ground and closed at 19,248, up 2 points. Technology index closed at 4,378, up 4 points. The main board traded at HK$81 billion throughout the day. 

The HSI has fallen by more than 1,000 points in the past week. Yesterday (10th) morning, it hit a new low for this month, but it fell first and then stabilized. It closed with a slight increase of less than 1%. . The market outlook depends on whether the rising gap (18,946 to 19,111) on July 25 can be stabilized. If it is fully covered, if it falls below the psychological barrier of 19,000 points, it will retreat to the low point of 18,562 points on July 24. Today it may be able to cross the 250-day bull-bear line (19,291). It is expected that the market will remain in the range of 19,000 to 19,500 points in the short term before the central government officially announces the details of economic stimulus policies and other good news. The outlook for Hong Kong stocks is still bleak, and the upper 20,000 mark is a major resistance area. 

U.S. President Joe Biden formally signed an executive order the day before yesterday (9th) restricting U.S. companies from investing in sensitive technologies in China in the future. He is also worried that the U.S. will implement new export controls. However, the market seems to be more concerned about the direction of the interest rate, and the bond interest rate has also increased by 4%. In the Mainland, although the National Development and Reform Commission and other departments have launched measures to boost the economy, the stimulus effect is limited. In addition, the CPI data in the Mainland in July was lower than expected, which dampened investor confidence. Affected by the steady recovery, Hong Kong stocks have also undergone adjustments recently. 

Luxury goods led the gains. European stock markets performed well. British, French and German stock markets rose 0.41%, 1.52% and 0.91% respectively. 

The year-on-year increase in the U.S. consumer price index (CPI) in July accelerated from 3% in June to 3.2%, lower than expected by 3.3%, and the monthly increase was maintained at 0.2%, the smallest increase for two consecutive months in more than two years. Inflation was milder than expected, boosting the market’s confidence in the soft landing of the economy. U.S. stocks opened 108 points higher on Thursday and then surged, reaching a peak of 455 points. 15 points down. The S&P 500 index reversed its two-day decline and rose 1.34% at one point, while the technology-heavy Nasdaq rose 1.64%. The three major indexes finally stabilized repeatedly. The 

U.S. stock market closed. The Dow rose 52 points to 35,176; the S&P 500 rose 1 point to 4,468; the Nasdaq rose 15 points to 13,737. 

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