Investment 24/5/2024

The Hang Seng Index opened 171 points lower at 19,024 points, which was the day's high. Later, the decline once extended to 419 points, reaching a low of 18,776 points. It closed down 326 points, or 1.7%, at 18,868 points; the Technology Index fell 96 points, or 2.41%, at 3,896 points. Main board transaction volume was HK$129.9 billion. 

Expectations for an interest rate cut have cooled, and Hong Kong stocks have accumulated a lot of gains, are overbought, and have military exercises. Investors took the opportunity to take profits, resulting in three consecutive trading days of decline. The performance of Hong Kong stocks depends entirely on whether Chinese and foreign funds will continue to flow in. If the Hang Seng Index falls below the 20-DMA (18,562) in the future, the next support will be the 50-DMA (17,424). If there is more good news, it can still rise again. 

Morgan Stanley issued a report: It raised the target for the Hang Seng Index by 20% from the 16,000 points forecast by the end of this year to 19,150 points in June next year; under an optimistic scenario, it is expected to reach 22,500 points, and under a pessimistic scenario, it is expected to reach 12,200 points. 

 European stock markets developed individually, with French and German stocks closing up 0.13% and 0.06%, while British stocks weakened, falling slightly by 0.37%. 

Chip giant Nvidia's impressive performance drove technology stocks to perform well. The S&P 500 and Nasdaq Composite both broke through their peaks during the session on Thursday. However, technology stocks generally fell from high levels, and industrial stocks led by Boeing were put under pressure. The three major U.S. stock indexes eventually fell back. , the Dow Jones Industrial Average plummeted more than 600 points. After opening 23 points higher, the Dow Jones Industrial Average fell as much as 645 points to a low of 39,025 points; the S&P 500 once rose 0.66% to 5,341 points, and the Nasdaq once rose 1.16% to a high of 16,996 points. 

At the close of the U.S. market, the Dow still fell 605 points, or 1.53%, to 39,065 points; the S&P 500 fell 39 points, or 0.74%, to 5,267 points; the Nasdaq fell 65 points, or 0.39%, to 16,736 points.

 The U.S. dollar index fell 0.29% to 104.625, and the yen fell 0.26% to 157.2 per dollar. The market no longer expects the Bank of England to cut interest rates in June, and the pound rose 0.24% to US$1.2747; the euro rose 0.35% to US$1.0863.