Investment 8/12/2023

Moody's lowered the outlook for Hong Kong's credit rating to "negative". The Hang Seng Index opened 86 points lower at 16,376 points and hit an intraday high. The decline later intensified, falling as much as 305 points to 16,157 points, setting another low for the year. It fell 117 points or more for the whole day 0.7%, reported at 16,345 points; the technology index fell 27 points, or 0.73%, reported at 3,720 points. Main board turnover was HK$89 billion. 


Investors are worried about the profit prospects of mainland companies, and Moody's has lowered the rating outlook of many companies, which has affected the market's investment sentiment. It is expected that after the rising gap in November last year (16,138 to 16,829) has been completely covered, there will be a short-term rebound. The 10-DMA (16,909) is difficult to surpass. After repeated consolidation, the bottom-seeking pattern will continue, and there will be more opportunities in the short term. Testing the psychological barrier of 16,000 points may once again test last year's low of 14,597 points, which means that Hong Kong stocks will once again see a price-to-earnings ratio of 7.3 times. 


Goldman Sachs strategist David Kostin pointed out that U.S. stocks have now reflected optimistic economic growth prospects, which means that U.S. stocks are vulnerable to negative macroeconomic news in the future. 


European stock markets fell back from highs, with British, French and German stocks falling 0.02%, 0.1% and 0.16% respectively. 


The market is awaiting the release of the November employment report on Friday. U.S. stocks performed well on Thursday. The Dow opened 69 points higher and then rose as much as 109 points, reaching a high of 36,164 points. The S&P 500 had risen 0.91%, reversing the same trend as the Dow in the past three days. Downtrend; Nasdaq rose up to 1.46%. 


At the close of the U.S. market, the Dow rose 62 points or 0.17% to 36,117 points; the S&P 500 rose 36 points or 0.8% to 4,585 points; the Nasdaq rose 193 points or 1.37% to 14,339 points. 

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