Investment 13/11/2023

Hong Kong stocks fell for four days in a row. The Hang Seng Index opened 160 points lower and then the selling pressure intensified. It fell as much as 333 points to a low of 17,177 points. It closed at 17,203 points, down 308 points. The technology index closed at 3,892 points, down 131 points. The main board's total daily turnover was HK$75 billion. 

Hong Kong stocks rose first and then fell last week. The Hang Seng Index fell 460 points, or 2.6%, for the whole week; the KLCI fell 44 points, or 1.11%, for the whole week. Technically, the Hang Seng Index has fallen below the 20 DMA (17,444) and the 10-DMA (17,419). Unless it returns to it immediately, it will reach the low of 16,979 points on the 1st of this month or the low of 16,879 points on October 24. 

European stock markets were dragged down by alcohol and luxury goods stocks. British stocks closed down 1.28% on Friday, while French and German stocks also fell 0.96% and 0.77%.

 Federal Reserve Chairman Powell delivered a "hawkish" speech, saying that monetary policy would be tightened again if necessary. His remarks were inconsistent with market expectations. However, overall economic growth in the United States has begun to slow down, and there is little room for another interest rate hike. The market digested Federal Reserve Chairman Powell's hawkish remarks and U.S. bond interest rates softened. 

U.S. stocks rebounded sharply on Friday. After the Dow opened 128 points higher, the gains expanded. It rose 418 points in the end and reached a high of 34,310 points. It still closed up 391 points. points, at 34,283 points; the S&P 500 index also rose by 67 points, at 4,415 points; the Nasdaq Composite, which is dominated by technology stocks, rose by 276 points, at 13,798 points. The three major U.S. stock indexes all recorded gains for the second consecutive week. The Dow rose 0.7% last week, the S&P 500 gained 1.3%, and the Nasdaq rose 2.4%.