Investment 16/2/2024

The Hong Kong stock market entered the Year of the Dragon and rose for two days in a row, but was limited by the 16,000-point mark! The Hang Seng Index fell over 100 points in the early stage and found support at a low of 15,751 points. Later, it rose by 149 points and reached a high of 16,029 points. It stabilized within a narrow range in the afternoon and closed at 15,944 points, up 65 points or 0.41%. The technology index closed at 3,223 points, up 25 points or 0.79%. The main board's total daily turnover was HK$47 billion.


 Due to the holiday, the overall trading volume of Hong Kong stocks is not active, and the market trend is not worthy of reference yet. The Hang Seng Index is expected to fluctuate between 15,200 and 16,200 points in the short term. We have to wait for the mainland to resume trading next week and there will be more economic data and policy news. Only then is there hope for a further upward breakthrough.


 European stock markets performed well, with British, French and German stock markets rising 0.38%, 0.86% and 0.6%. 


A number of U.S. data were released. The Department of Commerce announced that retail sales fell 0.8% month-on-month in January, the largest decline in the past year, reversing the revised 0.4% increase in the previous month. It was also worse than market expectations for a 0.2% drop. 13 Among retail categories, 9 recorded declines.


 Weak retail sales data provided justification for the Federal Reserve to cut interest rates in the coming months. U.S. stocks rose on Thursday, with the S&P 500 hitting a record closing high and the Dow recording a gain of more than 300 points. After opening 26 points lower, the Dow rose as much as 357 points, reaching a high of 38,781 points; the S&P 500 once rose 0.64%, and the Nasdaq, dominated by technology stocks, once fell 0.5%, but eventually stabilized. 


At the close of the U.S. stock market, the Dow still rose 348 points, or 0.91%, to 38,773 points; the S&P 500 rose 29 points, or 0.58%, to 5,029 points; the Nasdaq rose 47 points, or 0.3%, to 15,906 points. 


The US dollar index once fell 0.52% to 104.182; the yen once rose 0.67%, reaching a high of 149.57 per dollar. 

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