Investment 26/2/2024

Hong Kong stocks continued to be subject to the resistance of 17,000 points. The Hang Seng Index fell nearly 100 points in the early stage and then rose 152 points. It reached a high of 16,895 points and then fell back. It then consolidated at the 16,700 point level and closed at 16,725 points, down 17 points or 0.1%, three consecutive rising  cable broke after lifting. The technology index closed at 3,399 points, down 10 points or 0.3%. The main board's total daily turnover was HK$96 billion. 


The Hang Seng Index rose another 385 points last week, an increase of 2.35%, and has risen for three consecutive weeks. The technology Index rose 57 points, or 1.7%. 


The trend of the Hong Kong stock market improved in the Year of the Dragon. Last Friday, it broke through the short-term downtrend and once rose above the 100-DMA (16,767). Unfortunately, it failed to stabilize above and close. The short-term  is mainly based on the repeated rise and fall of the 100-DMA . If consolidation is needed, the rising 10-DMA (16,216) is expected to provide support. Before breaking through the top of the descending channel (17,650), it is difficult to get rid of the disadvantage. Whether the mainland economy can improve remains to be seen, and the rise in China and Hong Kong stock markets has reflected the positive factors of the rescue measures to a certain extent, and the trading volume is not too large, reflecting that the attitude of funds entering the market is still cautious. On the other hand, the performance of many heavyweight stocks did not meet expectations, limiting the market's upward momentum. 


The pan-European Stoxx 600 index closed up 0.43%, rising for five consecutive weeks. The British and German stock markets both rose 0.28%, and the French stock market rose 0.7%. 


Concerns about the U.S. economic recession continued to cool down. The Dow Jones Industrial Average and the S&P 500 hit both immediate and closing record highs on Friday. The Dow opened 58 points higher, with gains extending to 213 points and peaking at 39,282 points. The S&P 500 hit 5,100 points for the first time and rose for a time. 0.47%, high, reaching 5,111 points and breaking through the top; the Nasdaq rose up to 0.58%, hitting a high of 16,134 points, and closed slightly down.


 At the close of the U.S. stock market, the Dow rose 62 points, or 0.16%, to 39,131 points; the S&P 500 rose 1 point, or 0.03%, to 5,088 points; the Nasdaq retreated 44 points, or 0.28%, to 15,996 points.


 The U.S. dollar index fell as much as 0.18% to 103.769, and then remained stable; the yen rose repeatedly, once reaching a high of 150.3 per dollar, up 0.16%. European Central Bank President Christine Lagarde said that Euro zone wage data in the fourth quarter of last year was encouraging and that data at the beginning of this year will provide more useful reference. The Euro once rose 0.16% to a high of $1.0842. 

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