Investment 17/8/2023

The HSI opened 224 points lower on Wednesday. Driven by the A-shares, it narrowed to a day-high of 18,440 points, still down 141 points. Afterwards, the market softened and fluctuated, falling as much as 320 points to a low of 18,261 points. The HSI finally closed at 18,329 points, down 251 points, and fell 927 points in the 4th day, hitting a new low since June 1. The HS Tech closed at 4,126 points, down 53 points. The market's full-day turnover narrowed to HK$97.9 billion . 

The selling pressure on Hong Kong stocks continued. In the face of strong US sales data, the market expressed concern that the Federal Reserve may maintain high interest rates for a longer period of time. The exchange rate of RMB against the US dollar also broke the 7.3 mark for the first time this year. Worries dragged down the three major Hong Kong stock indexes to weaken on Wednesday. 

Looking at the technical trend, the MACD of the HSI issued a sell signal last week. In addition, the 10-DMA (19,093) fell below the 50-DMA(19,217) the day before yesterday, creating a "death cross", reflecting a very poor trend. If the mainland still has no real boost to the economy Measures, the market is bound to test the low of 18,044 points on May 31. The Hong Kong stock market is currently caught in a cycle of "bad news, the market falls, the authorities rescue the market, the market rebounds, and the market falls again". In the past three months, the HSI has fluctuated between 18,044 points and 20,361 points. Ideally, the HSI can continue to hold the 18,300 point level and rebound from the low of 18,279 points on July 7th.,  forming a double bottom shape.

European stocks lacked a clear direction. British and French stocks fell 0.44% and 0.1% respectively, while German stocks rose 0.14%. The Nikkei index closed down 1.46%, falling below 32,000 points. 

The market is waiting for the Federal Reserve to announce the minutes of the last interest rate meeting in the early hours of Thursday, Hong Kong time. The U.S. stock market opened 31 points lower on Wednesday and then immediately rose. It once rose 187 points to a high of 35,133 points; At last month's meeting, opinions were divided on whether to further raise interest rates. After the news was announced, the Dow fell repeatedly, falling as much as 189 points near the close, reaching a low of 34,757 points. The S&P 500 fell 0.77% repeatedly at one point, and the Nasdaq, which is dominated by technology stocks, retreated up to 1.16%.

The U.S. stock market closed : The Dow still fell 180 points to 34,765, its second day of losses; the S&P 500 dropped 33 points to 4,404; the Nasdaq dropped 156 points to 13,474. 

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