Investment 11/10/2023

Hong Kong stocks rose for four consecutive days, but failed to break through the 18,000 mark in one fell swoop. The Hang Seng Index opened 209 points higher and rose as much as 399 points. It reached a high of 17,916 points and saw profit taking. It closed up 147 points to 17,664 points. The 20-DMA (17,710) gained and then lost. The HS technology index closed at 3,874 points, up 49 points . The main board's full-day trading volume increased to HK$79.6 billion. 


The Hang Seng Index fell to 14,597 points at the end of October last year and rebounded from oversold conditions. It rose to 22,700 points in late January this year and then hit the bottom. After that, it repeatedly bottomed out and hit a new low of 17,094 points last Wednesday. Note that the past three weeks have all rebounded on Friday, narrowing the decline for the whole week. The positive signals of the candlesticks show that there are buyers at low levels and investors are gradually reducing their positions. If the Hang Seng Index can rise with a big white candlestick in the next one or two weeks, it may be expected to bottom out in the mid-term. In the short term, the low of 16,830 points on November 28 last year is important support, while the 50-DMA (18,310) provides resistance. 


Oil prices continue to rise under the influence of the Israeli-Palestinian conflict, which may cause the United States to raise interest rates again due to rising inflation, which may put pressure on Hong Kong stocks. However, there are rumors in the market that in order to achieve this year’s GDP growth target of 5%, the authorities are considering issuing at least one trillion RMB of additional government bonds to raise funds for infrastructure projects. The central government’s fiscal deficit for this year will be announced as soon as this month. Therefore, it will be significantly higher than the 3% of GDP ceiling set in March. 


European stock markets rose across the board, with British, French and German stock markets closing 1.82%, 2.01% and 1.95% higher respectively. 


There were reports that China was preparing to take further measures to stimulate the economy, and dovish remarks from U.S. Federal Reserve officials offset concerns about tensions in the Middle East. U.S. stocks rose on Tuesday, with the Dow Jones Industrial Average opening 78 points higher and then rising, once rising as high as 293 points. , as high as 33,898, and the gain narrowed at the close; the S&P 500 had risen by 1.2%, and the Nasdaq had risen by up to 1.3%. 


At the close of the U.S. stock market, the Dow rose 134 points to 33,739; the S&P 500 rose 22 points to 4,358; and the Nasdaq rose 78 points to 13,562. 

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