Investment 25/10/2023

Mainland China once again stepped in to rescue the market. A-shares closed higher yesterday, but this did not help Hong Kong stocks stop falling. The Hang Seng Index fell below the 17,000-point mark, hitting an 11-month closing low. After opening 118 points lower, the Hang Seng Index fell as much as 292 points. After reaching a low of 16,879 points, it found support. The decline once narrowed to 32 points, but ultimately failed to hold 17,000 points. It closed at 16,991 points, down 180 points; the HS technology index closed at 3,622 points , down 39 points. The main board's total daily turnover was HK$89.9 billion.


 As expected, the Hang Seng Index fell below the psychological support of 17,000 points yesterday, and fell below all moving averages again. If the 10-DMA falls below the 20-DMA today or tomorrow, a death cross signal will appear, and the market outlook may reach the low of 16,830 points on November 28 last year. There will be a short-term rebound today, reaching the 17,000 mark again, but it will be difficult to overcome the resistance of the 20-DMA (17,548). The trend is expected to continue to be weak. There are only 5 trading days left in October. There will be a lot of competition before the settlement date of next week's index. I believe that short positions will still dominate the overall situation. Many factors, including geopolitics, high debt interest rates, and concerns about domestic property debt, have affected investors' willingness to enter the market. Going by the trend, the next key support level for the Hang Seng Index is around 15,800 points. In a weaker scenario, the Hang Seng Index will return to the low of 14,597 at the end of October last year. 


European stock markets stopped falling, with British, French and German stocks rising 0.2%, 0.63% and 0.54% respectively.


 The newly released performance of U.S. companies was generally satisfactory, and the U.S. bond market was gradually stabilizing. Wall Street stocks stopped falling and stabilized on Tuesday. After the Dow opened 153 points higher, the increase expanded to a maximum of 335 points, with a maximum of 33,272 points; the S&P 500 index once rose. 1%, reversing the 5-day decline; the Nasdaq, which is dominated by technology stocks, rose by up to 1.17%.


 At the close of the U.S. stock market, the Dow still rose 204 points to 33,141 points; the S&P 500 rose 30 points to 4,247 points; the Nasdaq rose 121 points to 13,139 points. 

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