Investment 2/8/2023

The HSI had risen by 252 points in the early stage, then turned around and fell back to 20,331 points. In the afternoon, it fell by 189 points and reached a low of 19,891 points. It closed at 20,011 points, down 67 points. The HS technology index closed at 4,538 points, down 11 points. The full-day turnover of the main board was 135.1 billion Hong Kong dollars. 

The HSI first rose and then fell, showing a black candle. It was restricted by the 20,300 level for the second consecutive day, and fully covered the rising gap of 19,940 to 20,019 points on Monday, showing that the upward momentum has weakened. However, the short-term adjustment is not complete, and it is expected to repeatedly test the original resistance level of 100 DMA (19,563). If there is a commitment, and in conjunction with the implementation of stimulus economic policies, there is a chance to reach the 20,800-point level. In the mid-line trend, the HSI fell to 18,044 points at the end of May and bottomed out. It rose to 20,155 points in June and retreated. It fell to 18,279 points at the beginning of this month and then rebounded, creating a double bottom. The neckline is at 20,155 points. According to the measurement A rebound could see the January high of 22,700. 

Hong Kong stocks fell yesterday mainly due to poor PMI data and the market is still cautious about the market outlook. Technically, it has already broken through several resistance levels, which requires a full recovery. The current mainland policies are still "slogan-style" and there are no major stimulus measures, which makes investors less willing to buy stocks. More positive policies need to be introduced in the future market. 

HSBC Holdings (00005) announced that in the first half of this year, the pre-tax profit on the basis of reporting increased by 1.46 times to US$21.657 billion, with a basic profit of US$0.86 per share and a second dividend of US$0.1 per share. Morgan Stanley released a research report, raising the target price of HSBC from HK$67.5  to 72.2 , with an "overweight" rating. 

European stock markets were weak, with British, French and German stock markets falling 0.43%, 1.22% and 1.26% respectively.

U.S. companies’ latest performances were mixed. U.S. stocks developed individually on Tuesday. The Dow opened 26 points higher, reaching a maximum of 35,679. The Nasdaq continued to be under pressure, with the S&P falling by as much as 0.47%, and the tech-heavy Nasdaq fell by 0.91% at a moment. 

The U.S. stock market closed : The Dow rose 71 points to 35,630; the S&P fell 12 points to 4,576; the Nasdaq fell 62 points to 14,283. 

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