Investment 6/10/2023

Mainland A-shares continue to be on holiday, while Hong Kong stocks fluctuate within a narrow range, with both trading and trading busy. The Hang Seng Index opened 54 points higher and rose by as much as 140 points. After reaching a high of 17,336 points, it fell repeatedly and closed at 17,213 points, up 18 points. The whole-day fluctuation was only 138 points. The HS technology index closed at 3,757 points, up 5 points. The main board's full-day turnover further shrank to HK$47 billion, the lowest since December 28, 2018. 


The weak trading volume of Hong Kong stocks has shown that investors have no intention to take advantage of the low price. In addition, on the external front, U.S. bond interest rates continue to rise, and the market's expectations for interest rate hikes have increased. In the short term, the direction of U.S. bond interest rates will still dominate the market; while the mainland is undergoing a long holiday. There is no new news to stimulate the stock market, so the Hong Kong stock market still maintains a downward trend. The psychological barrier of 17,000 points has little support. It is believed that the market will fall to the low of 16,830 points on November 28 last year before it can rebound in a similar way. However, even if it rebounds, the market outlook is expected to continue on a downward track, with a chance to test 15,000 to 16,000 points. The support level is around last year's low of about 14,600 points. Short-term strategies should be conservative and it is not advisable to invest in new bets. 


European stock markets developed individually, with British and French stocks rising 0.53% and 0.02% respectively, while German stocks closed down 0.2%. 


The market is waiting to see the latest employment data released in the United States on Friday. Investors are becoming more cautious. U.S. stocks came under pressure on Thursday. The three major indexes repeatedly weakened. The Dow opened 30 points lower and then fell repeatedly. It fell as much as 187 points and ended at a low of 32,941. It fell slightly by 9 points to 33,119; the S&P 500 lost 5 points to 4,258; the Nasdaq Composite, which is dominated by technology stocks, fell 16 points to 13,219. 

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