Investment 29/1/2024

Last Friday, Hong Kong stocks retreated after rising for three days in a row. The Hang Seng Index opened 53 points lower and then rose once. It crossed the 16,000 level in the afternoon, falling as much as 323 points and as low as 15,888 points. It closed at 15,952 points, down 259 points or 1.6%. . The technology index closed at 3,186 points, down 124 points or 3.75%. The main board's total daily turnover reached HK$131.6 billion, exceeding HK$100 billion for the fifth consecutive day. 


Hong Kong stocks fell first and then rebounded last week, but unfortunately failed to stabilize the 16,000 level. They rose 643 points or 4.2% for the whole week; the technology index rose 56 points or 1.79%.


 The mainland has taken a multi-pronged approach to rescue the market, including the establishment of a RMB 2 trillion stock market stabilization fund. It still needs to wait and see the implementation of relevant measures. The mainland economy is still facing three major difficulties, including shrinking demographic dividend, high local and corporate debt, and Deflation worries deepen. The rise in Hong Kong stocks must have reflected relevant positive factors. Unless the Hang Seng Index rises above the previous high of 17,135 points, it is expected to reverse the long-term decline of waves below waves. Otherwise, there will be some resistance when it rebounds to the 50-DMA (16,590). If it falls below the 10-DMA (15,644), the market has the opportunity to turn weak again, or it may revisit the low of 14,597 points in October 2022. Major banks have already been bearish on the trend of Hong Kong stocks this year. Among them, Morgan Stanley, the most bearish among them, predicts that the Hang Seng Index may fall as low as 11,350 points by the end of the year in the worst case scenario. 


European stock markets performed well, with British, French and German stocks closing up 1.4%, 2.28% and 0.32%.


 Inflation in the United States continues to ease, but the results of individual technology companies are disappointing. U.S. stocks developed individually on Friday. The Dow Jones Industrial Average broke through the intraday peak and then stabilized repeatedly. It still closed at a new high. The S&P 500 and Nasdaq Composite Index ended their six-day streak. Upgrade the situation. The Dow opened 42 points lower and then rose by as much as 166 points, hitting a new market high of 38,215 points. It fell 51 points in the middle, reaching a low of 37,997 points; the S&P 500 fell 0.26% repeatedly, and the Nasdaq fell 0.5% at most.


 At the close of the U.S. stock market, the Dow Jones Industrial Average's gain shrank to 60 points, or 0.16%, to 38,109 points; the S&P 500 fell slightly by 3 points, or 0.07%, to 4,890 points; and the Nasdaq Composite fell 55 points, or 0.36%, to 15,455 points. 


The U.S. exchange rate index fell 0.41% to a low of 103.146; the yen once fell 0.37% to 148.2 per dollar; the euro rose as much as 0.36% to $1.0885.

 

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