Investment 5/12/2023

Hong Kong stocks rose first and then fell, reaching their lowest level this year. After rising above 100 points in the early stage, the Hang Seng Index was capped at the 17,000-point mark and repeatedly searched for the bottom. It fell as much as 213 points in late trading to a new low of 16,617 points this year. It closed at 16,646 points, down 184 points or 1.1%. The technology index closed at 3,759 points, down 71 points or 1.86%. The main board's total trading volume for the whole day was HK$106.3 billion.


 The Hang Seng Index has fallen within the large rising gap in November last year (16,138 to 16,829). It is expected to cover part of the gap and may rebound. It should stay at 16,800 points. Otherwise, the selling pressure will not subside, and last year's low of 14,597 points may be tested again. 


The investment sentiment is sluggish, and we can only hope that Hong Kong stocks will have the opportunity to window-dress at the end of the year. According to the past pattern of Hong Kong stocks, after the Hang Seng Index continues to fall, it may rebound by 1,000 points. It remains to be seen whether the mainland central government will hold a meeting before the end of the year. If there is good economic news by then, it is expected to drive the trend of Hong Kong stocks upward. If the Hang Seng Index rebounds in the short term, the 10-day moving average (17,333) is expected to provide resistance.


 European stock markets developed individually, with British and French stocks closing down 0.22% and 0.18% respectively, while German stocks edged up 0.04%.


 U.S. bond interest rates stopped falling and rebounded. As investors waited to see the U.S. employment data released later this week, U.S. stocks fell from this year's high on Monday. The Dow opened 156 points lower. The decline once extended to 215 points, reaching a low of 36,029 points. The index once fell 1.04%, and the Nasdaq fell as much as 1.72%, recovering most of its losses at the close. 


At the close of the U.S. market, the Dow Jones Industrial Average dropped 41 points, or 0.11%, to 36,204 points; the S&P Index fell 24 points, or 0.54%, to 4,569 points; and the Nasdaq Composite fell 119 points, or 0.84%, to 14,185 points. 

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