Investment 28/12/2023

Hong Kong stocks are ready to resume trading after the long holiday. The Hang Seng Index opened 221 points higher at 16,561 points and then rose repeatedly. The high was once up 333 points to 16,673 points. It closed at 16,624 points for the whole day, up 284 points or 1.74%, and returned to the 20-DMA (16,584); the technology index returned to 3,600 points. It rose 91 points or 2.58% throughout the day to 3,639 points. Main board turnover was HK$99.2 billion. 


The mainland's stance on the gaming industry has softened, and technology and Internet stocks have rebounded, providing some support for the market. However, many fund managers are still on vacation, and market sentiment has not improved significantly. The short-term market lacks focus. The Hang Seng Index is expected to fluctuate mainly between 16,000 and 17,000 points along the 20-DMA and Bollinger Band central axis of about 16,500 points. It is believed that it will be clearer after New Year's Day. At that time, we should pay attention to the mainland's inflation announcement. Waiting for a series of economic data, and whether fiscal or monetary policies will be introduced to support the economy. 


European stock markets performed well after the Christmas holiday, with British, French and German stocks rising by 0.36%, 0.04% and 0.21% respectively. Asian stock markets are bullish. Driven by mining stocks, the Australian stock market rose 0.8% to a new high since April 2022. Japan's Nikkei closed up 1.13%, only 0.2% away from the 33-year high hit in July. 


The U.S. exchange rate index once fell 0.62% to 100.832, the Japanese yen fell as much as 0.32% to 142.85 per dollar, and the Euro rose 0.73% to $1.1123, the strongest in five months, with a total appreciation of about 3.4% this year. 


The market continues to expect the Federal Reserve to cut interest rates next year. U.S. stocks continued to perform well on Wednesday, with the Dow Jones Industrial Average closing up 111 points, or 0.3%, at 37,656 points; the S&P 500 Index rose 6 points, or 0.14%, to 4,781 points, far short of the record set in January last year. The record high of 4,796 points was only 0.31% lower; the Nasdaq rebounded 24 points or 0.16% to 15,099 points. 

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Investment 24/4/2026

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