Investment 29/8/2023

The stamp duty on mainland securities has been halved, and the financing conditions for domestic real estate have been relaxed to rescue the market. On Monday, the A-share market opened, the Shanghai Stock Exchange Index opened up 5.06%, the Shenzhen Component Index opened up 5.77%, and the ChiNext Index rose by nearly 7%. However, the A-share market fell after surging, and the gains of the three major indexes narrowed to less than 3%. 

The Hong Kong stock market followed the A-share market to open higher and move lower, and HSI closed firmly at the 18,000 mark. The HSI rose 174 points to 18,130 after soaring 608 points in the early session. The HS technology index closed at 4,127 points, up 68 points. The daily turnover of the main board was HK$101 billion. 

The HSI just crossed the 10-DMA (18,075) yesterday, but was still restricted by 18,300 points. The resistance is 20-DMA (18,812), even challenging the 50-DMA (19,024) level, and the trend is expected to change. Otherwise, we have to test 17,500 points. If the rising gap of 17,364 to 17,536 points on November 29 last year is completely covered, the potential will continue to find the bottom, and the next support level is 16,600 to 16,800 points. As the HSI fell below the double top neckline , the target of the measurement is 16,198 points. 

The bailout news has a positive effect on A-shares, which is expected to drive Hong Kong stocks. However, the HSI opened higher on Monday (28th) and then narrowed its gains, because it is still troubled by negative factors, including the weakening of the renminbi. Pay attention to whether there will be a greater increase in A shares in the future, and whether Hong Kong stocks will follow suit and reduce the stock stamp duty. If the Hong Kong stock market lowers the stamp duty on stocks, it is expected to stimulate the number of transactions and attract the attention of foreign investors. 

European stock markets were positive, with French and German stocks up 1.32% and 1.03% respectively, while UK stocks were closed for holidays. 

The market’s worries about the uncertain outlook for interest rates receded a little bit. U.S. stocks performed significantly better on Monday. After the Dow opened 94 points higher, the increase expanded to a maximum of 306 points, reaching a high of 34,652. The closing rally slowed down; The tech-heavy Nasdaq rose as much as 1.07%. 

At the close of the US market, the Dow still rose 213 points to 34,559; the S&P 500 rose 27 points to 4,433; the Nasdaq rose 114 points to 13,705. 

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