Investment 17/5/2024

U.S. stocks hit a new high overnight, and Hong Kong stocks are ready to resume trading after the holidays. The Hang Seng Index opened 189 points or 0.99% higher and then continued to rise. It rose by 369 points in the afternoon and reached a high of 19,442 points. It closed up 302 points or 1.59% for the whole day at 19,376 points. The Technology Index rose by 30 points or 0.76% for the whole day to 4,072 points.  The market's trading volume exceeded HK$204.9 billion throughout the day, the most since December 7, 2022. 


Based on the current market sentiment, the Hang Seng Index has a high chance of trying the 19,650-point target. However, due to the rapid rise and serious overbought, it is expected that there will be a significant adjustment soon. However, as long as it does not fall below the 10-DMA (18,712), The market outlook can still rise again. Optimistically, the midline target is: 22,500, the neckline of a double bottom formed from the low in October 2022 and the low in January this year.


 European stock markets were soft, with British, French and German stocks falling by 0.08%, 0.63% and 0.69% respectively. 


The market continues to expect the U.S. Federal Reserve to cut interest rates later this year. The three major U.S. stock indexes broke through their peaks again on Thursday. The Dow Jones opened slightly higher by 4 points and then started to rise again and again. It once rose by 143 points, reaching a high of 40,051 points, breaking through the historic mark of 40,000 points ; the S&P 500 index once rose 0.33% to 5,325 points; the Nasdaq Composite Index rose as much as 0.33% to a high of 16,797 points. However, U.S. stocks encountered selling pressure at high levels. The three major indexes were mixed during the session, and all ended modestly lower.


 At the close of the U.S. market, the Dow retreated 38 points, or 01%, to 39,869 points; the S&P 500 fell 11 points, or 0.21%, to 5,297 points; the Nasdaq fell 44 points, or 0.26%, to 16,698 points. 


The U.S. exchange rate index once rose 0.27% to 104.63; the yen rose 0.83% to 153.6 per dollar, and the euro fell as much as 0.28% to $1.0854.

 

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