Investment 4/8/2023

The Hong Kong stock market lacked direction, and the whole day was like a roller coaster ride. The HSI opened 113 points lower and then struggled. It rose 132 points in the afternoon and hit a high of 19,650 points. It closed at 19,420 points, down 96 points, marking the 3rd consecutive day of losses in August. The technology index closed at 4,406 points, up 17 points. The daily turnover of the main board was HK$101.1 billion .

The weakening of the RMB , the profit-taking of investors, and the downgrade of the US credit rating led to adjustments in Hong Kong stocks in recent days. However, although the HSI continued to retreat, it ended its 3 consecutive black candlestick  and the turnover shrank , It can be seen from the trading volume of the market that funds have not completely left the market. It is expected that the short-term support level of the HSI will be 19,000 points, and there may be a rebound. The first hurdle is to see if the 100-DMA (19,541) can be regained. There will be resistance at 20,000 points. 

European stocks continued to be under pressure. British stocks closed down 0.43%, French stocks and German stocks both fell more than 0.7%. The Nikkei slumped another 548 points or 1.68% at the close, with losses exceeding 1,300 points in two days. 

U.S. bond yields continued to rise, coupled with the unsatisfactory performance of European and American companies, the U.S. stock market continued to fall on Thursday. After opening 87 points lower, the Dow extended its decline to 160 points, reaching a low of 35,122. The market closed repeatedly down 66 points to 35,215 , for the second day in a row; the S&P 500 index retreated 11 points to 4,501, the third day in a row; the Nasdaq, which is dominated by technology stocks, retreated 13 points to 13,959.