Investment 21/6/2024

Affected by the weakening of the RMB exchange rate, Hong Kong stocks first rose and then fell. After opening 23 points higher at 18,453 points, the Hang Seng Index once rose 89 points to 18,520 points. It then repeatedly weakened and fell 156 points to 18,274 points. It fell 95 points or 0.51% to 18,335 points for the whole day; the technology index fell 64 points. or 1.68%, at 3,767 points. Main board transaction volume was HK$103.5 billion. 


The Hang Seng Index fell below the 20-DMA (18,341). Hong Kong stocks have been trading at 18,000 points recently. KGI Asia issued a market outlook yesterday, predicting that the Hang Seng Index will target 20,900 points in the second half of this year, corresponding to a forecast price-to-earnings ratio of 10.22 times. The "National Team" Guoxin Investment has taken action to subscribe to the Hong Kong Stock Connect Central Enterprise Dividend ETF, which is believed to attract more funds to flow into Hong Kong stocks, and the valuation of "Zhongte Appraisal" shares is also expected to increase, boosting market sentiment. In addition, the market is also looking forward to good news from the Lujiazui Forum. It is believed that the market is expected to resume its upward trend. The Hang Seng Index is expected to hold firmly at the 18,000 level and is expected to challenge the 19,000 mark again. 


European stock markets performed well, with French stock markets rebounding 1.34%, and British and German stock markets also rising 0.82% and 1.03% respectively.


 U.S. stocks showed individual trends after the holiday on Thursday. The Dow Jones Industrial Average opened 30 points lower and then immediately turned higher. It rose by as much as 397 points at the end of the period and reached a high of 39,232 points. The S&P 500 index once rebounded 0.34%, breaking through the 5,500 mark for the first time and reaching a record high of 5,505 points. ; The Nasdaq, which is dominated by technology stocks, also rose 0.42% to a new high of 17,936 points. However, dragged down by the decline in technology stocks, the S&P 500 and Nasdaq fell repeatedly, falling by up to 0.57% and 1.18% respectively, while the Dow maintained its positive performance.


 At the close of the U.S. market, the Dow narrowed its gains to 299 points, or 0.77%, to 39,134 points; the S&P 500 fell 13 points, or 30.25%, to 5,473 points; the Nasdaq fell 140 points, or 0.79%, to 17,721 points.


 The U.S. exchange rate index rose 0.39% at the end of the period to 105.66; the Japanese yen continued to weaken, falling another 0.52% to a low of 158.91 per dollar; market expectations for an interest rate cut by the Bank of England increased, and the pound fell 0.49%, as low as $1.2654.

 

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