Investment 3/5/2024

U.S. Federal Reserve Chairman Powell said that the next policy interest rate adjustment is unlikely to raise interest rates, which stimulated the Hong Kong stock market to fall at the beginning of May and then rebound. It continued the strength before the holiday and also hit a new high for the year. 


After opening slightly lower by 2 points at 17,760 points, the Hang Seng Index fell 22 points to 17,740 points in the early stage. After that, it resumed its upward trend and continued to rise. It rose by as much as 454 points and reached a high of 18,217 points. It closed up by 444 points or 2.5%. reported 18,207 points; the technology index rose 164 points, or 4.45%, to 3,865 points. The A-share market was closed during the holiday, and Beishui was suspended, which had an impact on Hong Kong stock trading. Main board turnover was HK$115.9 billion, down 11.3% on the day.


 Before the holidays, the Hang Seng Index had risen by 20% from its low point during the year and entered a technical bull market. Taking into account yesterday's (2nd) market rise, the number of consecutive rising days increased to 8 trading days, soaring by 1,982 points or 12.22%. It is expected that there will be technical adjustments in the short term, and it can hold the 250-DMA (17,693), and the upward trend remains unchanged. After the consolidation, the Hang Seng Index has strong strength to rise again, with the target of 19,650 points. 


European stock markets developed individually, with British stocks rising 0.63%, while French and German stocks fell 0.88% and 0.2% respectively after the holidays.


 After the Federal Reserve's interest rate meeting, the policy stance became clearer, eliminating market doubts, and the focus returned to the employment data released on Friday. U.S. stocks performed well on Thursday, led by individual large technology companies, with the Dow Jones Industrial Average opening 172 points higher. The increase in the late period expanded to a maximum of 392 points or 1.03%, with a maximum of 38,295 points. The S&P 500 index once rose 1.09%, and the Nasdaq Composite Index, which is dominated by technology stocks, once rose 1.65%.


 The U.S. stock market closed at 38,225 points, still up 322 points or 0.85%; the S&P 500 rose 45 points or 0.91% to 5,064 points; the Nasdaq rose 235 points or 1.51% to 15,840 points.


 The U.S. dollar index once rose 0.13% to 105.9; the Euro once fell 0.35% to $1.0674; the Japanese yen fluctuated, retreating 1.15% to 156.29 per dollar, and then rose as much as 0.94% to 153.06.

 

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