Investment 23/8/2023

Hong Kong stocks finally rebounded after falling for 7 consecutive days. The HSI opened 18 points higher and then struggled. It fluctuated by more than 200 points. In the afternoon, it suddenly rose by 342 points, reaching a peak of 17,965 points. It closed at 17,791 points, up 167 points. The HS technology index closed at 4,000 points, up 77 points. The full-day turnover of the Main Board was HK$102.2 billion. 

The oversold HSI and the appreciation of the onshore RMB are the main reasons for the rebound of the market, but the final increase slowed down, showing that market confidence is still timid. The three recent falling gaps are all resistances. The first one is from 17,867 to 17,936 points the day before yesterday, and it fell back after covering up yesterday; the second is from 18,440 to 18,513 points on August 16th, and the third is 18,792 to 19,049 points on August 14th. Even if there is another rebound in the short term, 18,300 points is already a resistance. Only when the level exceeds 18,513 can it be considered stable, and if it breaks through 19,049, it will be regarded as a turning point. It is expected to rebound and fall back again. The support level is the rising gap of 17,364 to 17,536 points on November 29 last year. If it is fully covered and continues to find the bottom, the next support level is 16,600 to 16,800 points. As the HSI fell below the double top Neckline, the measure down target is 16,198 points. 

The government's intervention in the RMB exchange rate will not bring about a significant turnaround in the stock market. We still need to wait and see whether there will be support for the mainland property market or the introduction of stronger fiscal measures before the market can regain confidence. 

European stock markets performed well, and British stocks rebounded 0.18%, after falling for 7 days in a row, the longest decline since July 2019. British, French and German stocks closed up 0.18%, 0.59% and 0.66% respectively. 

Standard & Poor's downgraded the credit ratings of many banks and downplayed their business prospects. Bank stocks were under pressure. Coupled with the high yields of government bonds, the US stock market opened 30 points higher on Tuesday and then fell back and forth. Once rose 0.43%, the Nasdaq rose up to 0.75%. 

The U.S. market closed, with the Dow down 174 points to 34,288; the S&P 500 dropped 12 points to 4,387; the Nasdaq rose 8 points to 13,505. 

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