Investment 12/9/2023

Hong Kong stocks were suspended last Friday due to black rain. They recovered their losses yesterday. The HSI fell below the 18,000-point mark as soon as the market opened, falling as much as 359 points and as low as 17,842 points. Afterwards, the RMB rebounded sharply, causing the market's decline to narrow. The HSI closed at 18,096 points, down 105 points. The HS technology index once fell below the 4,000-point mark and closed at 4,083 points, down 8 points. The main board's total trading volume for the whole day was HK$124.4 billion. 


In the short term, it is expected to consolidate at the 18,000 level. The market outlook mainly depends on the trend of the RMB, mainland policies, A-shares and external market conditions. If it rebounds upward, the first resistance level is yesterday's downward gap from 18,164 points to 18,173 points. If it goes higher, it can try the 20-DMA (18,299), the 10-DMA(18,348), or even the 50-DMA (18,800). If it moves downwards, the support level will be the low of 17,573 points on August 22. 


The market is waiting to see the August CPI data released by the United States on Wednesday (13th). The data is expected to be not far from expectations and is believed to have little impact on the Federal Reserve's interest rate meeting in September. Mainland China's CPI turned positive in August, which is positive news, but Hong Kong stocks still need more good news, such as whether the task force to promote stock market liquidity will propose a stock stamp tax. 


European stock markets performed well, with British, French and German stocks rising 0.25%, 0.52% and 0.36% respectively. 


U.S. stocks were mixed on Monday. After the Dow opened 73 points higher, the gain expanded to 207 points, reaching a high of 34,784; the S&P 500 index once rose 0.75%; the Nasdaq, which is dominated by technology stocks, rose as much as 1.28%. 


The U.S. market closed: the Dow rose 87 points to 34,663; the S&P 500 rose 30 points to 4,487; the Nasdaq rose 156 points to 13,917. 

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