Investment 6/9/2023

Caixin China’s services PMI fell far short of expectations and hit a new low this year, which affected the weakening of the onshore and offshore RMB triggering Hong Kong stocks to retreat significantly after Monday’s sharp rise, as low as 18,431 points, but fell below the 20-DMA (18,446) to find support; it closed at 18,456 points, down 387 points. The HS  technology index closed at 4,193 points, down 111 points. The daily turnover of the main board was HK$101.4 billion. 

The HSI rose to the 50-DMA (18,889) on Monday and was blocked. Yesterday, it pulled back with a big black candlestick and narrowly guarded the 20-DMA. This level is an important indicator of market conditions. If it falls below, it depends on whether the 10-DMA (18,258) can be strong. If there is no takeover, it will try the last month's low of 17,573. If it fully covers the rising gap of 17,364 to 17,536 points on November 29 last year, it will continue to find the bottom, and the next support level is 16,600 to 16,800 points level, as the HSI fell below the double-top neckline, the measured downside target is 16,198 points. 

The mainland's policy support is limited, so the possibility of significant improvement in Hong Kong stocks is not high. In addition, the rebound of U.S. stocks at current levels is hindered, which also restricts the upward momentum of Hong Kong stocks. There is not  market investment sentiment, and the current level of Hong Kong stocks is not high. 

European stock markets struggled to move higher, with British stocks falling 0.2% and French and German stocks both falling 0.34%.

Rising international oil prices may intensify inflationary pressures. U.S. bond yields continue to rise. U.S. stocks performed weakly after the long holiday on Tuesday. The Dow opened slightly higher by 5 points and then immediately fell. It closed close to the day's low and still fell 195 points to 34,641. The S&P index also dropped 18 points to close at 4,496. Energy stocks bucked the trend and rebounded 0.5 percent. The Nasdaq Composite, dominated by technology stocks, fell slightly by 10 points to close at 1,402. 

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