Investment 15/2/2024

Hong Kong stocks fell first and then rose on the first trading day of the Year of the Dragon. The Hang Seng Index opened 167 points lower and then fell as much as 290 points to a low of 15,456 points. It then gradually recovered its losses and closed at 15,879 points, up 132 points or 0.84%. The Technology Index closed at 3,197 points, up 70 points or 2.26%. The main board's turnover for the whole day was HK$57 billion.


 Hong Kong stocks are expected to rebound in the short term, but it is not advisable to have too high expectations. The Hang Seng Index is expected to have support at the 20-DMA (15,691) and resistance at the 50-DMA(16,183) today. The outlook for the Hong Kong stock market will mainly depend on the resumption of the mainland stock market next week and the convening of the two sessions next month. The market expects that more measures to rescue the market and stimulate the economy may be introduced, which is expected to be beneficial to the market. Whether there is a chance to reverse the weakness in the Year of the Rabbit in the Year of the Dragon depends on whether there will be more favorable policies in the Mainland, such as the People's Bank of China releasing more funds. Only by taking measures and effectively handling the debt problems of real estate companies can the economy turn around significantly and the stock market reverse its weakness. 


European stock markets remained stable, with British, French and German stocks closing higher by 0.75%, 0.68% and 0.38% respectively. 


As the market digested the unexpectedly strong news of U.S. inflation, U.S. stocks resumed their upward trend on Wednesday. The Dow opened 99 points higher. It fell 78 points in the middle, reaching a low of 38,194 points, and rose by up to 169 points in the end, reaching a high of 38,442 points; After rising by 1%, the Nasdaq rebounded at most 1.34%. All three major indexes ended close to the day's highs.


 At the close of the U.S. stock market, the Dow Jones Industrial Average rose 151 points, or 0.4%, to 38,424 points; the S&P 500 rose 47 points, or 0.96%, to 5,000 points; the Nasdaq rose 203 points, or 1.3%, to 15,859 points. 


The U.S. dollar index once retreated 0.29%, reaching a low of 104.66; the yen once climbed to 150.35 per dollar, rising 0.3%. British inflation was lower than expected, and the pound fell by up to 0.45%, as low as $1.2535.

 

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Investment 24/4/2026

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