Investment 1/3/2024

Hong Kong stocks saw a tug-of-war on the last trading day in February. The Hang Seng Index opened 107 points lower and then rebounded, rising 158 points to a high of 16,695 points. It closed at 16,511 points, down 25 points or 0.15%. The Technology Index closed at 3,431 points, up 4 points or 0.14%, and the main board turnover was HK$130.3 billion. 


The Hang Seng Index rose 1,026 points in February, an increase of 6.6%. The technology index rose 14%. 


The market sentiment has improved significantly recently, with overall trading volume rising and the index also rebounding from lows, reflecting that funds have re-entered the market. In addition to ZTE concept stocks, individual performance-related stocks also experienced breakthroughs, which also boosted investor confidence. On the other hand, the market is still paying attention to external economic data, especially the upcoming US inflation data, to speculate on when the interest rate cut schedule will be implemented. At the same time, investors are also looking forward to further policy news from the mainland. The Hang Seng Index was controlled by the 100-DMA (16,734) yesterday, and is expected to rise above and back to the 10-DMA (16,518) today. If performance stocks cooperate, Hong Kong stocks are expected to reach a higher level in March and challenge the 17,000 level.


European stock markets developed individually, with the British and German stock markets rising by 0.07% and 0.44% respectively, while the French stock market fell slightly by 0.34%. 


The U.S. Federal Reserve's most important inflation indicator: Personal consumption expenditures (PCE) rose 2.4% year-on-year in January, in line with expectations; core PCE, excluding energy and food, rose 2.8% year-on-year, compared with the increase a month ago fell by 0.1 percentage points. Data shows that the trend of cooling U.S. core inflation remains unchanged. After the Dow opened 64 points higher, the increase expanded to 125 points, reaching a high of 39,074 points, and then reversed by 139 points, reaching a low of 38,809 points. The Dow closed repeatedly and stabilized; It once rose 0.69%; the Nasdaq rose as much as 1.05%. 


At the close of the U.S. stock market, the Dow Jones Industrial Average rose 47 points, or 0.12%, to 38,996 points; the S&P Index rose 26 points, or 0.52%, to 5,096 points; the Nasdaq rose 144 points, or 0.9%, to 16,091 points, setting a new historical closing high since 2021. It hit a record high for the first time since November.


 The U.S. dollar index fell as low as 103.75, and the 10-year U.S. bond yield fell back to 4.255%. 

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