Investment 8/5/2024

Hong Kong stocks ended ten consecutive gains. After opening less than 1 point lower at 18,577 points, the Hang Seng Index once rose to a high of 18,638 points. However, selling pressure subsequently increased and once fell 167 points to a low of 18,411 points. It still closed down 98 points or 0.53% at 18,479 points; the Technology Index It fell 85 points or 2.12% to 3,922 points. Main board transaction volume was HK$113.4 billion. 

The daily chart of the Hang Seng Index has reached the overbought level, and short-term adjustments are inevitable. However, the continued inflow of funds into Hong Kong stocks is expected to support the market's continued rebound. It is expected that the Hang Seng Index will rise to 19,000 points, which is the initial resistance. In the short term, it must consolidate sideways at this level, and the mid-line target is 19,650 points, or even test the 20,000 level. Investors who do not have goods in stock are advised to wait and see for the time being and wait for a breakthrough in the index before following up. 

European stock markets performed well, with British, French and German stocks rising 1.22%, 0.99% and 1.4% respectively. 

Although U.S. Treasury bond yields have fallen, inflation concerns have not subsided, and Federal Reserve officials mentioned that they still need to continue to fight inflation. U.S. stocks were volatile on Tuesday. After opening slightly higher by 6 points, the Dow Jones Industrial Average expanded its gains to as much as 125 points, reaching a high of 38,977 points. Later, all gains evaporated, and turned slightly lower by 11 points, reaching a low of 38,840 points. The S&P 500 index rose 0.38%. The Nasdaq, which is dominated by technology stocks, rose by up to 0.29%. 

At the close of the U.S. stock market, the Dow still rose 31 points, or 0.08%, to 38,884 points; the S&P 500 rose 7 points, or 0.13%, to 5,187 points; the Nasdaq fell 16 points, or 0.1%, to 16,332 points. 

The U.S. dollar index rose 0.38% to 105.45; the euro rose 0.2% to $1.079, and the yen fell as much as 0.54% to 154.75 per dollar. The market's expectations for an interest rate hike by the Reserve Bank of Australia have cooled, and the Australian dollar once fell 0.57% to 65.86 US cents. 

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