Investment 9/8/2023

The RMB weakened and fell to the 7.2 level again. In addition, China's import and export data were both worse than expected, and Hong Kong stocks were sold on Tuesday. The HSI opened 229 points lower and then repeatedly found a bottom. It fell by as much as 425 points, reaching a low of 19,112, and closing at 19,184, down 353 points, close to the 50-DMA (19,185). The technology index closed at 4,374, down 125 points. Market turnover increased to HK$104.6 billion . 

Hong Kong stocks came under repeated pressure yesterday (8th). The HSI showed a significant decline and fell below the 250-DMA(19,297), which is the boundary between bulls and bears ,  and below the 50-DMA (19,185), fell 1,219 points within 6 days, and the trend became worse. If the HSI can cross the bull-bear line again in the next two trading days, the market outlook can still test 19,600 to 19,800, otherwise it will test 19,200, and support . The strength is not strong, and it may have to fall back to 18,800 to 19,000 to have strong support, and even fall further to the 18,000 mark. If the turnover of Hong Kong stocks continues to shrink and remains below HK$120 billion ,  the market will further bottom out technically. Hong Kong stocks are quiet on the news level, and the market conditions will be more affected by technology. 

Due to the reduction of news about national policies that are good for the economy, the anti-corruption of pharmaceutical companies in the mainland and the reduction of bank loan interest rates may affect the profit and income of pharmaceutical stocks and mainland banking stocks; while the import and export data of the mainland is worse than expected, exacerbating market concerns about the economic prospects of the mainland.

The Italian government suddenly imposed a windfall tax on the banking industry. European stocks fell across the board. The Italian stock market fell 2.12%. The British, French and German stock markets closed down 0.36%, 0.69% and 1.1% respectively.

Rating agency Moody's downgraded the credit ratings of many small and medium-sized U.S. banks and warned of a sharp increase in risks. Coupled with China's latest poor foreign trade data, it reignited market concerns about the economy. U.S. stocks were under significant pressure on Tuesday, dragged down by financial stocks , The Dow opened 127 points lower and immediately fell sharply, dropping by as much as 465 points, reaching a low of 35,007, barely guarding the 35,000 level, and recovering most of the lost ground at the close. The S&P once fell 1.2%, and the Nasdaq once fell by 1.61%.

 U.S. market closed: The Dow fell only 158 points to 35,314; the S&P fell 19 points to 4,499; the Nasdaq fell 110 points to 13,884. 

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