Investment 16/1/2024

Hong Kong stocks were mixed in the early hours yesterday. The Hang Seng Index fell 140 points in the early hours and found support as low as 16,100 points. It once rebounded 90 points to 16,334 points. It traded at 16,200 points in the afternoon and closed at 16,216 points, down 28 points or 0.17. %. The technology index closed at 3,404 points, down 66 points or 1.92%. The main board's full-day turnover was HK$71 billion.


 The People's Bank of China announced on Monday (15th) that the interest rate of the medium-term lending facility (MLF) would remain unchanged, which exceeded market expectations. In addition, the market is also paying attention to the Mainland's announcement this week of important economic data such as GDP for the fourth quarter of last year, which is believed to have an impact on the direction of the market. In fact, Hong Kong stocks have continued to fall this year and are still in the range of 15,900 to 17,000 points. The market bottom is quite weak and investment sentiment is cautious. A turnaround still depends on whether there will be more policy guidance from the mainland. In addition, if the U.S. dollar weakens amid expectations of interest rate cuts, it will support the strengthening of the RMB and will also be conducive to the rebound of Hong Kong stocks.


 European stocks and bonds fell after central bank officials poured cold water on expectations of interest rate cuts. 


U.S. stocks were closed for the Martin Luther King Jr. holiday on Monday, and U.S. stock futures were stable during the Asian session on Monday. Focus this week includes U.S. retail sales data, speeches by Federal Reserve officials, and earnings from Morgan Stanley (MS), Goldman Sachs (GS) and Taiwan Semiconductor Manufacturing Co. (TSM).


 The U.S. dollar index rebounded, temporarily trading at 102.67. The Euro once fell 0.16% to $1.0934; the pound fell as much as 0.31% to $1.2713. The yen fell as much as 0.73% to 145.94 per dollar. 

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