Investment 23/1/2024

Hong Kong stocks continue to find bottoms. After falling below 16,000 points last week, they fell below 15,000 points at the beginning of this week. Since the beginning of 2024, the Hang Seng Index has fallen for three consecutive weeks, falling by 2,086 points, or more than 12%. Yesterday morning, the Hang Seng Index opened 40 points higher, reaching a high of 15,362 points and then turned downward. At about 11:30, it fell sharply by 334 points, reaching a low of 14,974 points. It fell 514 points in the afternoon and closed at 14,961 points, down 347 points or 2.27%,  at 14-month low.  The HS technology index closed at 3,035 points, down 94 points or 3.02%. The main board's total trading volume for the whole day was HK$112.1 billion. 


China's 1-year and 5-year loan prime rates (LPR) announced yesterday remained unchanged. Expectations for an interest rate cut were once again disappointed, affecting the market sentiment. The Hang Seng Index fell below the 15,000-point psychological mark. Market sentiment remains pessimistic , it is temporarily difficult to estimate where the bottom of the Hong Kong stock market will be, and the short-term low of 14,597 points in October 2022 will also fall. In fact, major banks have already been bearish on the trend of Hong Kong stocks this year. Among them, Morgan Stanley, which is the "most bearish", predicts that the Hang Seng Index may reach as low as 11,350 points by the end of the year in the worst case scenario. 


Buoyed by expectations of a recovery in semiconductor demand, chip stocks led the gains, pushing the Nikkei index up 583 points to close at 36,546 points on Monday. It was the first time in the nearly 34 years since Japan's bubble economy burst that the Nikkei index closed above the 36,000-point mark. 


European stock markets remained stable, with British, French and German stock markets closing higher by 0.35%, 0.56% and 0.77% respectively. 


Technology giants began to announce their results this week, which is expected to continue to be an upward driving force for the stock market. U.S. stocks continued to be strong on Monday. After opening 55 points higher, the Dow Jones Industrial Average rose 245 points repeatedly, breaking through the 38,000 point mark for the first time, hitting a new high of 38,109 points, and closed up. The trend slowed down, reaching a new high with the S&P 500; the S&P 500 rose 0.59% to a record high of 4,868 points, and the Nasdaq rose as much as 0.84%.


 At the close of the U.S. market, the Dow rose 138 points, or 0.36%, to 38,001 points; the S&P 500 rose 10 points, or 0.22%, to 4,850 points; the Nasdaq's gain shrank to 49 points, or 0.32%, to 15,360 points.


 The U.S. dollar index once fell 0.17% to 103.114, and then stabilized repeatedly; the Japanese yen once rose 0.34%, reaching a high of 147.62 per dollar; the Australian dollar fell as much as 0.47% to 65.66 US cents. , 

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Investment 24/4/2026

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