Investment 5/2/2023

Hong Kong stocks rebounded by more than 300 points in the early session, but were hampered by resistance at the 16,000  barrier and the market ended in decline. The Hang Seng Index opened 189 points higher and rose as much as 346 points. It reached a high of 15,912 points and then fell repeatedly. It fell 130 points in the afternoon and hit a low of 15,435 points. It closed at 15,533 points, down 32 points or 0.21%. The technology index closed at 3,043 points, down 22 points or 0.72%. The main board's total trading volume for the whole day was HK$103.1 billion. 


The Hang Seng Index fell 418 points, or 2.45%, for the week. The technology index fell 142 points, or 3.77%, for the week.


 The Hong Kong stock market is currently mainly affected by the mainland market. Last week, news broke that mainland China's RMB 2 trillion stabilization fund had entered the market, which led to a rebound in the Hang Seng Index, but it was unsustainable thereafter. Amid the weakness of A-shares, the Hang Seng Index lacks upward momentum and is expected to test its previous low of 14,794 points again this week, or even test the 2022 bear market low of 14,597 points. If the Hang Seng Index rebounds in the short term, the 50-DMA (16,379) will still be an important short-term resistance. 


European stock markets developed individually, with British stocks falling slightly by 0.09%, French stocks and German stocks rising by 0.05% and 0.35%. 


The number of new non-farm jobs in the United States far exceeded expectations, and the strong job market has led to a sharp drop in interest rate cut expectations. After the US stock market opened 74 points lower on Friday, the decline quickly expanded to 183 points, once as low as 38,336 points, and then reversed at most. It rose 263 points, reaching a high of 38,783 points. It still rose more than 100 points at the close, reaching a new high with the S&P 500. Led by Meta and Amazon, the Nasdaq performed relatively strongly; the S&P 100 once rose by 1.41%, and the Nasdaq rose as much as 1.97%. 


At the close of the U.S. market, the Dow rose 134 points, or 0.35%, to 38,654 points; the S&P 500 rose 52 points, or 1.07%, to 4,958 points; the Nasdaq rose 267 points, or 1.74%, to 15,628 points. 


The US dollar index once rebounded 0.96% to 104.04; the yen once fell 1.47% to 148.58 per dollar. Huw Pill, chief economist of the Bank of England, said that there is still some distance between the launch of the first interest rate cut, and the pound fell by up to 1.02%, as low as $1.2613. 

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