Investment 21/12/2023

Hong Kong stocks rebounded after falling for two consecutive days. The Hang Seng Index opened 142 points higher and then fluctuated within a narrow range. It rose as much as 236 points and reached a high of 16,741 points. It closed at 16,613 points, up 108 points or 0.66%, with a full-day volatility of 191 points. The technology index closed at 3,726 points, up 18 points or 0.51%. The main board's total daily turnover was HK$90 billion. 

The market is worried about the impact of the mainland's economic recovery, especially the debt problem of domestic real estate; mainland A-shares have hit another low, and Hong Kong Stock Connect has net sales of 11.039 billion RMB, reflecting the pessimism of mainland investors about the stock market and "want money but not goods." The trend of Hong Kong stocks yesterday High first and then back. There are only 5 trading days left this year, and the holiday atmosphere is getting stronger. The mainland stock market will not improve in the short term. It is not ruled out that the Hang Seng Index will fall below 16,000 points. The market outlook may fall back to the pre-return level (15,196), or even test last year's low of 14,597 points again. That is, Hong Kong stocks have regained a price-to-earnings ratio of 7.3 times. 

European stock markets developed individually, with British stocks outperforming, rising 1.02%, French stocks rising 0.12%, and German stocks falling 0.07%. 

A sharp fall in British inflation stimulated a rise in the global bond market. Coupled with strong consumer confidence in the United States, the Dow Jones Industrial Average opened 37 points lower and then softened. It fell 97 points in the early stage and rose 83 points in the middle stage. The market peaked at 37,641 points in the late stage. Profit-taking orders suddenly emerged in the market, with a maximum drop of 484 points, reaching a low of 37,073 points throughout the day. The consecutive gains in the past 9 trading days ended; the S&P 500 and the Nasdaq Composite, which is dominated by technology stocks, also fell by more than 1%.

 At the close of the U.S. market, the Dow Jones Industrial Average fell 475 points, or 1.27%, to 37,082 points; the S&P Index dropped 70 points, or 1.47%, to 4,698 points; the Nasdaq fell 225 points, or 1.5%, to 14,777 points. 

The U.S. exchange rate index once rose 0.3% to 102.474; the British pound was under pressure, falling as much as 0.8% to $1.263; the Euro once fell 0.43% to $1.0934; the Japanese yen rose as much as 0.4% to 143.27 per dollar.