Investment 15/1/2024

Hong Kong stocks lacked direction after ending seven consecutive losses. The Hang Seng Index fell over 100 points in the early stage and then rebounded by 91 points. It reached a high of 16,393 points and encountered resistance again. Selling pressure intensified in the late trading, closing at 16,244 points, down 57 points or 0.35%. The technology index closed at 3,470 points, down 32 points or 0.92%. The main board's full-day trading volume shrank to HK$69.4 billion. 


The Hang Seng Index fell a total of 290 points, or 1.75%, for the whole week; the Stock Exchange Index fell a total of 121 points, or 3.36%. 


Hong Kong stocks fell for seven consecutive days at the start of this year. Although many heavyweight blue chips have temporarily stabilized, Chinese technology stocks are still weak and dragging down the market, with the Hang Seng Index barely holding on to the 16,000 level. If the Hang Seng Index falls below last month's low of 15,972 points, the market outlook will continue to find a bottom, and the midline may revisit the October 2022 low of 14,597 points. It is difficult to break through the sluggish situation, and the market outlook still depends on the economic conditions of the mainland, the sales situation of the real estate market, and the development of the international geopolitical situation. 


European stock markets performed well, with British, French and German stocks rising by 0.64%, 1.05% and 0.95% respectively.


 Although the decline in U.S. producer prices has led to a fall in bond interest rates, the military conflict in the Red Sea has worsened, and the market is concerned about rising geopolitical risks in the Middle East. Coupled with mixed performance of U.S. companies, the U.S. stock market's Dow Jones Industrial Average rose first and then retreated on Friday. After opening 107 points higher, the Dow Jones Industrial Average soon turned around. It fell back, with a maximum loss of 240 points and a low of 37,470 points. 


At the close, it recovered about half of its losses and still fell 118 points or 0.31% to 37,592 points; the S&P 500 index rebounded repeatedly by 3 points or 0.08% to 4,783 points; mainly technology stocks The Nasdaq rose slightly by 2 points, or 0.02%, to 14,972 points. 


The U.S. dollar rose 0.29% to 102.59; the British pound fell as much as 0.31% to $1.272. The yen rose 0.63% to 144.36 per dollar. 

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