Investment 19/6/2024

The Hong Kong Stock Exchange will continue to suspend trading during severe weather conditions from September 23. After opening 25 points higher at 17,961 points, the Hang Seng Index once rose 107 points to 18,043 points. However, it encountered resistance at the high level again and fell 20 points or 0.11% for the whole day to 17,915 points, falling for three days in a row; the Technology Index fell 12 points or 0.32%. , reported 3,697 points. Main board turnover was HK$92.3 billion. 


The market turnover once again dropped to below HK$100 billion , reflecting that both foreign capital and Beishui are showing signs of flowing out of the Hong Kong stock market. It is believed that the volatility of the Hang Seng Index will become increasingly narrow. In terms of trend, the Hang Seng Index has good support at the 250-DMA (17,589), while the upper resistance is at the 20-DMA (18,423). The short-term outlook is mainly within this range. The market outlook will depend on whether more major measures to rescue the market will be introduced at the Third Plenary Session of the Central Committee of the Communist Party of China in July, or when there is a clear direction in the pace of U.S. interest rate cuts, the market is expected to make further breakthroughs.


 BNP Paribas Wealth Management said that it is normal for Hong Kong stocks to adjust after experiencing a sharp rebound earlier. Due to the current lack of catalysts, Hong Kong stocks are expected to hover between 17,000 and 19,000 points. However, if the mainland continues to introduce favorable policies, or corporate profits significantly increase, it is expected to stimulate market sentiment, and Hong Kong stocks may reach the 20,000-point mark.


 European stock markets performed well, with British, French and German stock markets closing 0.6%, 0.76% and 0.35% higher respectively. The latest U.S. economic data was mixed. U.S. stocks were mixed before the holiday on Tuesday. After the Dow opened flat, it rose 158 points in the early stage, reaching a high of 38,936 points, and then fell 50 points to a low of 38,727 points; It broke through the top, rising up to 0.31% to 5,490 points, and closed at a record high, the 31st record high this year; the Nasdaq once fell 0.34%, and finally stabilized repeatedly. 


At the close of U.S. stocks, the Dow Jones Industrial Average rose only 56 points, or 0.15%, to 38,834 points; the S&P Index rose 13 points, or 0.25%, to 5,487 points; and the Nasdaq rose 5 points, or 0.03%, to 17,862 points. 


The US dollar index once fell 0.19% to 105.125; the yen once fell 0.31%, reaching a low of 158.23 per dollar; the euro rose 0.26% to US$1.0763.

 

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