Investment 20/10/2023

Due to tensions in the Middle East and rising U.S. bond interest rates, Hong Kong stocks followed the outside world and HSI opened 192 points lower before expanding their losses. The Hang Seng Index closed close to the day's low, closing at 17,295, down 436 points. The HS technology index closed at 3,700, down 71 points. The main board's total daily turnover was HK$91.1 billion. 


Hong Kong stocks have fallen repeatedly in recent days, and the market sentiment has not improved. The Hang Seng Index is facing great resistance at 18,000 points, and there is a high chance of bottoming out again. The short-term support level is around the low of 16,830 points on November 28 last year. Many factors, including geopolitics, high debt interest rates, and concerns about domestic property debt, have affected investors' willingness to enter the market. With no "revitalization" in trading, it is difficult for the Hang Seng Index to make a breakthrough. In the weakest case, it will return to the low of 14,597 at the end of October last year.


 European stock markets came under pressure, with British, French and German stocks closing down 1.17%, 0.64% and 0.33%. 


U.S. Federal Reserve Chairman Powell's remarks on Thursday suggested that the authorities are expected to keep interest rates unchanged for two consecutive times at the interest rate meeting from the end of this month to the beginning of next month. However, the long-term bond interest rate hit the 5% mark. U.S. stocks were weak and the Dow opened slightly higher. It turned down 158 points after 4 o'clock, but after Powell's speech, the market turned upward. The Dow Jones Industrial Average rose 187 points, reaching a high of 33,852. At the end of the period, the U.S. 10-year bond interest rate hit 5%, dragging down the Dow Jones Industrial Average. It was once inflated by 296 points, reaching a low of 33,368; the S&P 500 index rose by 0.58%; the Nasdaq, which is dominated by technology stocks, rose by up to 0.68%. The three major indexes finally closed closer to the day's lows. 


At the close of the U.S. market, the Dow fell back 250 points to 33,414; the S&P 500 fell 36 points to 4,278; the Nasdaq fell 128 points to 13,186. 

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