Investment 10/1/2024

The Hong Kong stock market rebounded weakly. After opening 31 points higher, the Hang Seng Index rose by as much as 190 points. After reaching a high of 16,414 points, it turned around and fell back. It closed at the day's low of 16,190 points, down 34 points or 0.21%, falling for the sixth consecutive day. The technology index closed at 3,454 points, down 30 points or 0.87%. The main board's total daily turnover was HK$81.9 billion. 

Zhongzhi Group, the mainland's largest private asset management company, declared bankruptcy due to debts of more than 420 billion RMB. The outside world described it as a replica of the "Lehman incident". The incident may affect financial stability and reflect the operating difficulties faced by mainland enterprises. Even if the market expects that the U.S. Federal Reserve will cut interest rates this year and external stock markets are strong, it is difficult for China and Hong Kong stock markets to rebound similarly. In terms of trend, the Hang Seng Index continues to hover at a low level. The upper level is restricted by the 17,000-point mark, and the lower level of 16,000-point support is expected to be lost if it holds for a long time. It is expected to continue the wave-lower-wave trend. If it falls below the previous low of 15,972 points, there is a chance that it will fall back to the pre-return level (15,196), or even test last year's low of 14,597 points again, which means that the Hong Kong stock market will regain its price-to-earnings ratio of 7.3 times. 

European stock markets were soft, with British, French and German stocks falling 0.13%, 0.32% and 0.17% respectively. 

Samsung, the world's largest maker of memory chips and major electronic products, is seen as a cold weather instrument for the technology industry. Its operating profit fell 35% year-on-year last quarter and fell for six consecutive quarters. The news triggered market concerns about the recovery of the technology industry, and the World Bank predicted that the global economy would continue to slow down. The Dow Jones Industrial Average opened 159 points lower on Tuesday and the decline intensified, it fell 309 points to a low of 37,373 points. At the end of the day, it recovered about half of its losses. The S&P 500 once fell 0.7%, and the Nasdaq, which is dominated by technology stocks, fell as much as 0.86%, and then stabilized repeatedly. 

At the close of U.S. stocks, the Dow still fell 157 points, or 0.42%, to 37,525 points; the S&P Index retreated 7 points, or 0.15%, to 4,756 points; the Nasdaq fell 13 points, or 0.09%, to 14,857 points. 

The U.S. dollar index rose as much as 0.44% to 102.657, the Euro once fell 0.36% to $1.0911, and the yen once rose 0.56% to 143.42 per dollar.