Investment 24/4/2024

As the Israel-Iraq conflict heated up, the Hang Seng Index opened 139 points lower at 16,246 points and then the selling pressure intensified. It once fell 341 points to a low of 16,044 points. The decline narrowed in the afternoon and closed down 161 points or 0.98% at 16,224 points. It fell for the whole week. 497 points or 2.97%; the technology index fell 78 points or 2.34% to 3,278 points. Main board transaction volume was HK$106.1 billion.


 The market is still troubled by geopolitical risks in the Middle East and expectations of postponement of interest rate cuts in the United States. The trend of repeated short-term adjustments has not changed. It remains to be seen whether the Hang Seng Index can hold on to the 16,000 mark. The Hang Seng Index fell below the 100-DMA (16,440) last week and fell below the central axis of the Bollinger Channel, destroying the upward trend since the first quarter. The market outlook is likely to test the bottom of the Channel (15,505), and even test the 15,000 mark again. Even if there is a short-term rebound, the 50-DMA (16,500) is already resistance. 


The Nikkei Index closed down more than 1,000 points (2.66%), plummeting 6.21% for the whole week, the worst loss since June 2022, and has retreated nearly 10% since its record high on March 22 this year. 


European stocks ended mixed, with British stocks closing 0.24% higher, French and German stocks falling 0.01% and 0.56% respectively.


 Iran downplayed Israel's military retaliation, making the market hope that the two countries will avoid further escalation of the conflict. The three major U.S. stock indexes developed individually on Friday. After the Dow opened 26 points higher, the increase expanded to 327 points at most, hitting 38,102 points; It fell 1.15%, and large technology stocks were under pressure. The Nasdaq, which is dominated by technology stocks, once fell 2.43%, and both the S&P 500 and the S&P 500 index recorded their sixth consecutive day of losses. 


At the close of the U.S. stock market, the Dow Jones Industrial Average rose 211 points, or 0.56%, to 37,986 points; the S&P Index fell 43 points, or 0.88%, to 4,967 points; and the Nasdaq Composite fell 319 points, or 2.05%, to 15,282 points. Cumulatively last week, the Nasdaq fell 5.52%, marking its fourth consecutive week of decline; the S&P 500 dropped 3.05%; the Dow Jones Industrial Average edged up 0.01%. 


The US dollar index fell by up to 0.28% to 105.849; the Euro rose by 0.34% to $1.068. The safe-haven Swiss franc was strong, and the U.S. dollar fell 1.21% against the Swiss franc to a low of 0.9013 Swiss francs. The yen rose as much as 0.68% to 153.59 per dollar before giving up most of its gains.

 

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Investment 24/4/2026

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