Investment 22/3/2024

The Hang Seng Index opened 219 points higher and hit 16,762 points, which was the day's low. Later, the increase expanded to 430 points and hit a high of 16,973 points. However, it was always subject to the resistance of 17,000 points and rose 320 points or 1.93% to 16,863 points throughout the day. The technology index was at 3,582 points, up 31 points or 0.88%. Main board transaction volume was HK$118 billion. 

The U.S. Federal Reserve kept interest rates unchanged, and the "dot plot" continued to predict an interest rate cut of 0.75% this year. U.S. stocks hit new highs, and Hong Kong stocks followed suit. It is expected that the Hang Seng Index will rise above the 17,000-point mark today. If the market transactions cooperate, there is a chance to further push the market higher in the short term and test the 18,000-point resistance. In the medium and long term, the Hang Seng Index fell for 52 weeks from 22,700 points on January 27 last year to a low of 14,794 points on January 22 this year, a drop of 7,906 points. If it rebounds  the Fibo 0.328 , the target is 17,387 points, which is close to the neckline of the shoulder bottom trend, if it can rise above and measure the increase, the Hang Seng Index may reach 19,500 points. 

European stocks performed well across the board, with British stocks closing up 1.88% and performing better, and German stocks rising 0.91%; as the selling pressure on luxury goods stocks continued, French stocks only rebounded 0.22%; Japanese stocks Nikkei closed up 2.03% .

 The market is looking forward to successive interest rate cuts by central banks around the world, coupled with the latest economic data from the United States. The three major U.S. stock indexes broke through their peaks again on Thursday. The Dow once climbed nearly 400 points, heading towards the 40,000-point mark. The Dow opened 148 points higher and then continued to rise. The increase expanded to as much as 376 points, reaching a high of 39,889 points, and soared more than 1,100 points this week. The S&P 500 continued to rise by 0.7%, reaching a high of 5261 points, recording its 20th new high this year; The Nasdaq, which is dominated by technology stocks, rose as much as 1.04%, reaching a high of 16,538 points.

 At the close of U.S. stocks, the Dow still rebounded 269 points, or 0.68%, to 39,781 points; the S&P 500 rose 16 points, or 0.32%, to 5,241 points; and the Nasdaq rose 32 points, or 0.2%, to 16,401 points.

 The U.S. dollar index once rose 0.6% to 104.05; the yen once rebounded 0.65% to 150.27 per dollar. The Swiss National Bank suddenly cut interest rates by 0.25%, and the Swiss franc fell in response. The U.S. dollar rose as much as 1.43% against the Swiss franc to 0.8995. The Bank of England kept interest rates unchanged, but two hawkish officials gave up their interest rate increase proposals. The pound fell back 1.06% to 1.2649. The U.S. dollar; Euro fell 0.61% to $1.0856.