Investment 23/5/2024

Hong Kong stocks are struggling above the 10-DMA. After opening 4 points higher at 19,225 points, the Hang Seng Index once fell 71 points to 19,149 points. It then rose as much as 139 points, reaching a high of 19,359 points, and closed down 25 points, or 0.13%, at 19,195 points; the technology index rose 11 points, or 0.3% , reported 3,992 points. Main board transaction volume was HK$126.6 billion.


 After the Hong Kong stock market experienced a sharp decline the day before yesterday (21st), the atmosphere turned cautious. The market outlook depends on whether the Hang Seng Index can hold the 10-DMA (19,099). Once it falls below, the support level may move down to 18,560 points. The rise in Hong Kong stocks over the past month has been driven by rumors of mainland government policies. Although some of them have been implemented, they are not as strong as the market expected. In addition, Beishui has concentrated its inflows into special stocks such as China Banking Group in the past period, and it is expected that the related stocks will have a relatively hard trend. However, other stocks that rely solely on local funds may face deeper adjustment pressure once the market trend reverses. 


European stock markets were soft, with British, French and German stocks falling 0.55%, 0.61% and 0.25% respectively. 


The latest minutes of the U.S. Federal Reserve's interest rate meeting show that policymakers are worried about stubborn inflation and do not have enough confidence in advancing interest rate cuts. Many policymakers support further tightening monetary policy if necessary. The news dragged down U.S. stocks to extend losses on Wednesday. U.S. stocks were mixed in the early hours. After the Dow opened slightly lower by 9 points, it once rose 17 points to a high of 39,890 points. Before the interest rate meeting minutes were announced, it turned around and fell more than 100 points. After the interest rate meeting minutes were announced, the Dow fell by as much as 313 points. points, reaching a low of 39,559 points. The S&P 500 index fell back about 0.67%, and the Nasdaq Composite Index, which is dominated by technology stocks, fell as much as 0.72%. 


At the close of the U.S. market, the Dow Jones Industrial Average fell 201 points, or 0.51%, to 39,671 points; the S&P Index fell 14 points, or 0.27%, to 5,307 points; and the Nasdaq Composite fell 31 points, or 0.18%, to 16,801 points. 


The U.S. exchange rate index once rose 0.3% to 104.97. The pace of British inflation slowdown in April was not as good as expected, which cooled expectations of interest rate cuts. The pound once rose 0.41% to $1.2762; the euro fell as much as 0.34% to $1.0818, and the yen once fell. 0.4% to 156.8 per dollar.

 

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