Investment 24/11/2023

Hong Kong stocks fell first and then rose. The Hang Seng Index opened 54 points lower and fell as much as 157 points. It found support as low as 17,577 points. It gradually recovered in the afternoon and closed close to the day's high of 17,910 points, up 176 points. The technology index closed at 4,117 points, up 87 points. The main board's total daily turnover was HK$97.7 billion. 


The performance of Hong Kong stocks has been volatile recently, and there is obvious resistance when the Hang Seng Index rises to 18,000 points. On the external front, market expectations for interest rate hikes have cooled, causing the US dollar to weaken and bond interest rates to fall from highs, which is beneficial to global stock markets. In addition, the phased relaxation of Sino-US relations and the rebound of the RMB have been positive for Chinese stocks. 


However, investors lacked confidence in the market outlook, and the index rebounded to highs and profit-taking occurred. However, it is expected that with the digestion of profits and the support of mainland policy news for real estate and other industries, Hong Kong stocks are well-positioned to rebound further, with the Hang Seng Index looking to reach 18,500 point, and the support level is at the 50-DMA (17,601) level. 


Thursday (23rd) is the U.S. Thanksgiving holiday, and local financial markets are closed. European stock markets suddenly lost direction and fluctuated within a narrow range throughout the day. Britain's FTSE 100 index closed at 7,483 points, up 0.19% or 14 points; Germany's DAX index closed at 15,994 points, up 0.23% or 17 points; France's CAC 40 index closed at 7,277 points. Gain 0.24% or 17 points. 

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