Investment 31/10/2023

Hong Kong stock index futures settled yesterday (30th). The Hang Seng Index opened 173 points lower at 17,225 points and then recovered. It then rose slightly and returned to 17,400 points. It rose 7 points throughout the day to 17,406 points; the HS technology index outperformed and rose 48 points, quoted at 3,854 points. Main board transaction volume was HK$92.4 billion. 


If, as expected, the HSI 10-DMA (17,354) can rise above the 20-DMA (17,458) today and reach a golden cross, it is expected to rebound further and challenge the resistance of the 50-DMA (17,825). The earnings ratio of the Hong Kong stock market is currently hovering at a low of 8.6 times, which is similar to the past when the Hang Seng Index was in decline. Therefore, it is estimated that there is little room for the market to fall further, but we are cautious about the future of the Hong Kong stock market. 


European stock markets recovered from 10-month lows, with British, French and German stocks closing up 0.5%, 0.44% and 0.2% respectively. 


Although Israel launched a ground offensive against the Palestinian armed organization Hamas, the market's concerns about the spread of the war to other parts of the Middle East have slightly eased. U.S. stocks stabilized on Monday, with the Dow rebounding more than 500 points, and all three major indexes closing up more than 1 %. The Dow Jones Industrial Average opened 119 points higher and then rose repeatedly. The increase once expanded to 585 points and reached a high of 33,002 points. The S&P 500 once rose 1.46%, and the Nasdaq soared as much as 1.58%. 


At the close of the U.S. stock market, the Dow still surged 511 points to 32,928 points; the S&P 500 rose 49 points to 4,166 points; the Nasdaq rose 146 points to 12,789 points. 

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