Investment 19/9/2023

Hong Kong stocks ended their two-day rally and fell below the 18,000 mark level again. The HSI opened 113 points lower and maintained its downward trend. The HSI fell as much as 288 points to a low of 17,894. Later, the decline narrowed to dozens of points, but ultimately failed to stabilize at 18,000 points and closed at 17,930, down 252 points. The HS technology index fell below the 4,000-point mark and closed at 3,987, down 90 points. The main board's total daily turnover was HK$84.5 billion.

The outcome of the Federal Reserve's interest rate discussion will have little impact on Hong Kong stocks. It also depends on mainland policies and the trend of the RMB. For the time being, the Hong Kong stock market is still in a volatile up-and-down pattern, and no major market trends have been seen. The HSI currently has support at 17,800 points, and temporarily aims to challenge the 50-DMA (18,700) as the mid-line target. 

Dragged down by banking stocks, European stock markets came under pressure across the board, with British, French and German stocks falling 0.76%, 1.39% and 1.05% respectively.

Investors are becoming more cautious ahead of this week's interest rate discussions by many major central banks. U.S. stocks were mixed on Monday. The Dow Jones Industrial Average fell 72 points to a low of 34,545 after opening almost flat. It then rose 106 points to a high of 34,725; the S&P 100 once turned positive. 0.36%, the Nasdaq rebounded at most 0.31%. 

The U.S. stock market closed with all three major indexes stabilizing. The Dow rose slightly by 6 points to 34,624; the S&P 500 rose by 3 points to 4,453; and the Nasdaq rose 2 points to 13,710.