Investment 19/2/2024

The Hong Kong stock market entered the Year of the Dragon and maintained its upward trend, reaching the 16,000-point mark. The Hang Seng Index opened 62 points higher and fell for a time. Buying orders continued to enter the market, rising as much as 449 points in the afternoon and reaching a high of 16,394 points. It closed at 16,339 points, up 395 points or 2.48%. The technology index closed at 3,342 points, up 119 points or 3.71%. The main board's total daily turnover was HK$70.6 billion. 


Hong Kong stocks rose in all three trading days last week, with the Hang Seng Index rising by 593 points or 3.76%; the technology Index rising by 215 points or 6.87%. 


In the short term, the Hang Seng Index has just risen above the 50-DMA (16,150) and is close to the previous high resistance of 16,408 points. If it rises above, it can look towards the 100-DMA(16,828), but the resistance is quite large. The upward trajectory is 15,540 points, which is an important short-term support. The Bollinger Channel and the major averages are both falling, so it is not advisable to judge the trend too early. For the Hang Seng Index to truly stabilize, it must first break through the 100-DMA resistance.


 The U.S. economy may have a soft landing, and there is still a chance of interest rate cuts in the middle of the year. In addition, driven by the concept of AI, U.S. stocks are expected to continue to show preference this year. As for the Hong Kong stock market, which has entered the Year of the Dragon, it has risen for three consecutive years. However, MSCI recently announced the results of its quarterly review and removed 66 Chinese companies from the MSCI China Index. This is the largest number in two years. I believe that it will be difficult for the mainland to perform well when the market resumes today. 


European stock markets continued to rise, with British, French and German stock markets closing up 1.5%, 0.32% and 0.42% respectively. 


The latest US Producer Price Index (PPI) showed stubborn inflation and US bond yields rose again. US stocks came under repeated pressure on Friday. After opening 21 points lower, the Dow Jones Industrial Average fell as much as 189 points to a low of 38,583 points. It rose 51 points to 38,825 points; the S&P 500 index fell as much as 0.6%, briefly falling below 5,000 points; the Nasdaq Composite Index, which is dominated by technology stocks, once fell 0.97%. 


U.S. stocks closed with the Dow Jones Industrial Average retreating 145 points, or 0.37%, to 38,627 points; the S&P Index fell 24 points, or 0.48%, to 5,005 points; the Nasdaq Composite Index's decline shrank to 130 points, or 0.82%, to 15,775 points.


 Last week, the Dow fell slightly by 0.11%, the S&P fell by 0.42%, and the Nasdaq fell by 1.34%. The three major indexes have all suspended their consecutive gains in the past five weeks. Since the beginning of this year, the S&P 500 index has still climbed 4.9%.


 The U.S. dollar index rose 0.36% to 104.672 before turning softer; the yen once fell 0.48%, reaching a low of 150.65 per dollar. 

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Investment 24/4/2026

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