Investment 24/8/2023

Hong Kong stocks ended their seven-game losing streak on Tuesday, but struggled on Wednesday. The HSI opened 28 points lower and then turned up again. After hitting the 18,000-point mark, it immediately fell back and closed at 17,845 points, up 54 points, a two-day rebound. The HS technology index closed at 4,008 points, up 7 points. The turnover of the main board was HK$84.2 billion. 

The downward trend of Hong Kong stocks has temporarily eased, and there may still be a rebound in the next one or two days. It is expected that the recent decline in the HSI will be resistance. The next one is 18,440 to 18,513 points on August 16, and then 18,792 to 19,049 points on August 14. Therefore, even if there is a short-term rebound, 18,440 points will meet resistance, and the trend will only change if it breaks through 19,049 points. If there is no major positive news, the market is likely to fall but not to rise, and we will see whether the low of 17,573 points on Tuesday can hold steady. After rebounding, it fell back again. The support level was the rising gap of 17,364 to 17,536 points on November 29 last year. If it is fully covered and continues to find a bottom, the next support level is 16,600 to 16,800 points. As the HSI fell below the double top neck line, with a downside target of 16,198 points. 


European stocks stabilized across the board. British stocks rose 0.68% and performed better. German stocks closed up 0.15%, while French stocks rebounded slightly by 0.08%. 

The decline in debt yields has brought back momentum for large technology stocks. U.S. stocks performed well on Wednesday. After the Dow opened 49 points higher, the increase expanded to a maximum of 245 points, reaching a high of 34,534. It still closed up 184 points at 34,472; the S&P 500 rose 48 points to 4,436; the technology-heavy Nasdaq rose 215 points to 13,721. 

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