Investment 20/9/2023

As the market waits for the outcome of the Federal Reserve's interest rate meeting, Hong Kong stocks lack direction. The HSI opened 11 points higher and then fell nearly 100 points to a low of 17,832 points. It then rebounded repeatedly, but was limited by the resistance of 18,000 points, closing at 17,997 points, up 66 points. The HS technology index closed at 3,984 points, down 2 points. The main board's full-day turnover was HK$76.2 billion, the lowest in two and a half months. 


The global economy has always been pessimistic, and the global, mainland, and even Hong Kong stock markets are not immune to this. It is expected that the Hong Kong stock market will not change much in the short term. The HSI has tested the large volume-intensive area of about 17,800 points several times in recent days and has managed to maintain its position. Will it be able to hold on to this key level in the short term? The market is looking forward to the "good news" that the interest rate hike will be suspended in September, which will lead to a technical rebound in Hong Kong, breaking through the 18,000 level again, challenging the 50-DMA (18,722), and looking towards 19,000 points as the mid-line target. But if the market falls again, it will try the low of 17,573 points on August 22. If the rising gap of 17,364 to 17,536 points on November 29 last year is fully covered, it will continue to find the bottom, with the support level being 16,600 to 16,800 points. As it fell below the double-top neckline earlier, the quantitative downside target is 16,198 points. 


European stock markets developed individually, with British and French stock markets slightly up 0.09% and 0.08% respectively, while German stocks fell 0.4%.


 When the Federal Reserve began to discuss interest rates, U.S. bond interest rates rose across the board, with the 5-year bond interest rate hitting a 16-year high, dragging down U.S. stocks on Tuesday. After the Dow opened 52 points lower, the decline quickly expanded to 312 points, having reached a low of 34 points. ,,311, recovering most of its losses at the close; the S&P 500 fell back 0.83% at one point, and the Nasdaq fell as much as 0.96%. 


At the close of the U.S. stock market, the Dow Jones Industrial Average fell 106 points to 34,517; the S&P Index fell 9 points to 4,443; and the Nasdaq Composite fell 32 points to 13,678. 

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