Investment 27/9/2023

Hong Kong stocks HSI fell below 17,500 points, hitting a new low in nearly 10 months. The HSI opened 67 points lower and then repeatedly found the bottom. In the afternoon, it fell 349 points to a low of 17,379 points. It closed at 17,466 points, down 262 points. The HS technology index closed at 3,817 points, down 65 points. The main board traded HK$82.4 billion throughout the day. 


Today (27th) is the peak period for index rollover, Thursday (28th) is the index settlement day, and Friday (29th) is the settlement day for over-the-counter derivatives, which is also the month last trading day. Mainland housing debt is still plaguing the market. Even if housing data improves, it is not expected to be enough to solve its liquidity problem, so it is difficult for Hong Kong stocks to see an upward trend.


The HSI fell from a high of 22,700 points in January this year to yesterday's low of 17,379 points. The decline has widened to 5,321 points. This month's volatility has also reached 1,520 points. It is expected that the weak friends will be unyielding, so be mentally prepared for the HSI. Further downward adjustments are still possible. If the market is considered to be seriously oversold, the HSI may rebound at the 17,500-point level, but it is too early to enter the market from a medium- to long-term perspective. Even if China's October economic data improves, if the HSI moves upward by 1,000 points, there may be a chance to recover 18,000, but whether it can be sustained is a big question. If the HSI continues to move downward in a pattern of first high and then low, we should be wary of the market testing 16,500 points or below at any time in October. 


European stock markets developed individually, with British stocks rising slightly by 0.02%, French and German stocks falling by 0.7% and 0.97% respectively. 


U.S. President Biden said through social media X , due to obstruction by Republican conservatives, Congress has still not passed 12 appropriation bills. Congress is called on to approve the appropriation bills as soon as possible to avoid the possible shutdown of most federal government departments after October 1. 


Dimon, the helmsman of JPMorgan Chase, said that the U.S. Federal Reserve may raise interest rates to 7%. Coupled with the looming shutdown crisis in Washington and the market's renewed concerns about China's property market, U.S. stocks were sold again on Tuesday, with the Dow opening lower at 144 The decline intensified after the point, and it once plunged 437 points to a low of 33,569; the S&P 500 index fell 1.65% to a three-month low of 4265 points; the Nasdaq, which is dominated by technology stocks, fell by up to 1.79%. All three major indexes closed down more than 1%. 


At the close of the U.S. stock market, the Dow still fell 388 points to 33,618; the S&P 500 dropped 63 points to 4,273; and the Nasdaq fell 207 points to 13,063. 

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