Investment 31/5/2024

Hong Kong stocks were repeatedly soft on the futures settlement day. After opening 53 points lower at 18,423 points, the Hang Seng Index once rose 60 points to 18,537 points. However, the selling pressure gradually increased and fell as much as 313 points to 18,163 points. It fell 246 points or 1.33% for the whole day to 18,230 points, falling for 3 consecutive days.  The technology index fell 12 points, or 0.33%, to 3,752 points. Main board transaction volume was HK$125.5 billion.


 As expected, the market quickly turned weak after the futures settlement, as the recent surge was purely speculation and had no real factors to support it. Unless the Hang Seng Index can return to 18,300 today, the trend of Hong Kong stocks in June will be bearish. The Hang Seng Index has fallen below 18,300 points, and the next support level will be the 50-DMA (17,602). 


Inflation in the United States remains high, and U.S. bond interest rates are showing signs of rising again. The market is worried that the pace of interest rate cuts by the Federal Reserve will not be as satisfactory as expected, which will have a certain impact on external stock markets and Hong Kong stocks. Although the mainland has recently introduced a number of policies to support the real estate industry, the effectiveness remains to be seen. 


European stock markets stabilized, with British and French stocks closing more than 0.5% higher, and German stocks rising slightly by 0.13%. 


The large software company Salesforce's revenue forecast for this quarter disappointed investors, and Nvidia's stock price fell significantly. U.S. stocks came under further pressure on Thursday. After opening 73 points lower, the Dow Jones Industrial Average fell as much as 440 points to 38,000 points at the close. The decline narrowed to 330 points, or 0.86%, to 38,111 points; the S&P 500 dropped 31 points, or 0.6%, to close at 5,235 points; the Nasdaq Composite, dominated by technology stocks, fell 183 points, or 1.08%, to close at 16,737 points.


 The U.S. dollar index once rose 0.54% to 105.18, but then the upward trend narrowed significantly; the Euro rose 0.41% to $1.0847; the Japanese yen rebounded 0.8% to 156.38 per dollar.

 

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