Investment 23/2/2024

The Hong Kong stock market continued to rise. The Hang Seng Index opened 13 points lower and then moved up and down in a narrow range. The gains expanded in the afternoon and closed at the day's high of 16,742 points, up 239 points or 1.45%. The technology index closed at 3,410 points, up 58 points or 1.75%. The main board's total daily turnover was HK$100 billion. 

The Hong Kong stock market maintained its upward trend after the Lunar New Year holiday. Yesterday, it once reached a level close to the 100-DMA (16,776), and the trading volume increased. The market has obviously turned around. In the short term, it can reach the 17,000 level, with the support level at 16,150. Since the mainland cut interest rates, the market still seems to be expecting more stimulus policies from the mainland. Even though the performance of heavyweight stocks did not bring much surprise, the market sentiment was not affected. In fact, the Hang Seng Index has accumulated a lot of losses since the beginning of 2024, and the selling pressure has been digested to a certain extent. The short-term moving range may move further upward, but further breakthroughs will require the support of more policy news.  Investors pay attention to the settlement of the index next week.

 The most important stock on earth, chip manufacturer Nvidia, performed strongly in its latest performance, driving its stock price to soar 16.4%, closing at US$785.18 and setting a new record high. Its market value increased by US$277 billion in a single day. 

Nvidia's performance touched the nerves of global stock markets. The pan-European Stoxx 600 index closed at a new high. French and German stock markets also reached new highs during the session, closing up 1.27% and 1.47%. British stocks rose slightly, dragged down by banking stocks, with a moderate increase of 0.29%. 

Nvidia also led to a surge in U.S. stocks on Thursday, with the Dow Jones Industrial Average and the S&P 500 hitting record highs and closing record highs. After opening 232 points higher, the Dow rose as much as 537 points to a high of 39,149 points; the S&P 500 rose 2.26% to 5,094 points; the Nasdaq, which is dominated by technology stocks, rebounded as much as 3.09% to 16,061 points, approaching the current historical high of 16,080 point. 

At the close of the U.S. market, the Dow still rose 456 points, or 1.18%, to 39,069 points; the S&P Index rose 105 points, or 2.11%, to 5,087 points; the Nasdaq rose 460 points, or 2.96%, to 16,041 points. 

The U.S. dollar index once rebounded 0.12% to 104.129; the yen fell 0.23%, hitting a low of 150.65 per dollar. Meeting minutes showed that ECB officials believed that cutting interest rates too early would pose a greater risk. The euro fell as low as 0.15% to as low as $1.0803.