Investment 14/8/2023

The HSI opened 71 points higher at 19,319 points and then turned weak repeatedly. The decline once extended to 198 points and reached a low of 19,049 points. It closed down 173 points to 19,075 points throughout the day. The HS tech index fell 104 points to 4,273 points, and the turnover of the main board was HK$ 96.5 billion . 

Last week, the HSI continued to attack and defend the 19,100 area for several consecutive days, and fell below the 20-DMA (19,363) and the 50-DMA (19,229) last Friday. In fact, if it falls below the central axis of the Bollinger Channel, i.e., the 100-DMA (19,522), the market outlook will tend to test the bottom of the channel (18,355). 

The market expects that the U.S. will suspend interest rate hikes in September, U.S. President Joe Biden issued a ban on restricting U.S. investment in Chinese high-tech companies, the implementation details of which are milder than expected, and Hong Kong’s large-scale technology stocks are entering the performance period. All these factors are beneficial to Hong Kong stocks. And pay attention to whether the mainland will introduce more stimulus measures.

European stock markets were under pressure across the board, with British, French and German stock markets closing down 1.24%, 1.26% and 1.03% respectively.

The U.S. recently announced that the year-on-year increase in the producer price index (PPI) in July accelerated from 0.2% in June to 0.8%. The growth rate was stronger than expected. However, the outlook for inflation in the U.S. unexpectedly declined. After the Dow opened 64 points lower, the decline slightly expanded It reached 116 points, with a low of 35,059;  it rose repeatedly up to 178 points, with a high of 35,354. The S&P index had fallen 0.56 percent. The Nasdaq, which is dominated by technology stocks, fell 0.93% at one point. 

The U.S. stock market closed, with the Dow’s gain shrinking to 105 points to 35,281; the S&P 500 fell 4 points to 4,464; the Nasdaq dropped 76 points to 13,644. 

Accumulated the week, the Dow rebounded 0.62%; the S&P 500 and the Nasdaq fell 0.31% and 1.9% respectively, both falling for two consecutive weeks. 

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