Investment 8/3/2024

Hong Kong stocks opened slightly lower by 20 points yesterday morning, and the decline intensified in the afternoon. The Hang Seng Index closed at 16,229 points, down 208 points, or 1.27%; the Technology Index fell 53 points, or 1.56%, to 3,359 points. Market turnover shrank to HK$98 billion. 


The recent performance of Hong Kong stocks has been inconsistent, and it has never been able to get rid of the range-bound pattern. External stock markets continue to be strong, but have little stimulating effect on Hong Kong stocks. If the Hang Seng Index falls below the March 5 low of 16,095 points, the February 5 low of 15,336 points will be tested. The current rebound resistance is at 10-DMA(16,472). If the market can rise above it, it will first challenge the 100-DMA (16,657). The Mainland People's Bank of China has repeatedly emphasized that there is still room for lowering required reserve ratios, sending a positive signal to the market, but it has not launched many new policies for the real estate market. I believe that the overall market situation will continue to be mixed, and it will be difficult to make a big breakthrough in the short term. 


European stock markets performed well, with British, French and German stocks rising 0.17%, 0.77% and 0.71% respectively. 


U.S. Federal Reserve Chairman Powell hinted at cutting interest rates later this year, and U.S. stocks continued to rise on Thursday. After the Dow opened 123 points higher, the increase expanded to 249 points, reaching a high of 38,910 points; the S&P 500 rose 1.19% to peak at 5,165 points, and the Nasdaq It rose another 1.73% at most, and also reached a peak of 16,309 points.


 At the close of the U.S. market, the S&P 500 hit a new high, with the Nasdaq also rising more than 1%. The Dow Jones Industrial Average closed up 130 points, or 0.34%, at 38,791 points; the S&P Index rose 52 points, or 1.03%, to 5,157 points; and the Nasdaq Composite rose 241 points, or 1.51%, to 16,273 points.


 The US dollar index continued to fall by 0.53% to 102.82; the Japanese yen rose by up to 1.2%, reaching a high of 147.59 per dollar. The European Central Bank lowered its inflation forecast for this year and next, and the euro fell 0.28% to a low of $1.0868.

 

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Investment 24/4/2026

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