Investment 27/6/2024

Hong Kong stocks were mixed on the eve of the futures settlement date. The Hang Seng Index opened 138 points lower at 17,934 points, which was the day's low. It then rose as much as 83 points to 18,156 points, rising 17 points or 0.09% for the day to 18,089 points. The Technology Index rose 34 points or 0.93% to 3,689 points. Main board turnover was HK$95.1 billion.


 The RMB exchange rate continued to weaken, and the Shanghai Composite Index also fell below the 3,000-point mark, dragging down the trend of Hong Kong stocks. However, the valuation of the Hang Seng Index is still attractive, and the market's downside potential is limited. In the short term, it is expected to continue to struggle around the 18,000 mark. In fact, the Hang Seng Index mainly fluctuated between 17,800 and 18,800 points throughout June. It is believed that it will be difficult to break through before the end of half a year. If the Mainland introduces more economic stimulus measures at the Third Plenary Session of the Central Committee of the Communist Party of China next month, then the market is expected to rise further. 


European stock markets continued to decline, with British, French and German stocks falling 0.27%, 0.69% and 0.12% respectively. 


U.S. bond interest rates rose as investors awaited inflation data to be released later this week. U.S. stocks fell first and then rose on Wednesday. After the Dow opened 49 points lower, the decline expanded to a maximum of 203 points and hit a low of 38,908 points. It then recovered its lost ground. It once rebounded by 71 points, reaching a high of 39,183 points; the S&P 500 index once fell by 0.32; individual large technology stocks continued to perform well, with the Nasdaq Composite Index, dominated by technology stocks, rising by up to 0.54%. 


At the close of the U.S. market, the Dow Jones Industrial Average edged up 15 points, or 0.04%, to 39,127 points; the S&P 500 rose 8 points, or 0.16%, to 5,477 points; the Nasdaq rose 87 points, or 0.49%, to 17,805 points.


 The U.S. dollar index rose 0.5% to 106.13, and the Bloomberg U.S. dollar spot index rose as much as 0.44% to its highest level since November last year. The euro fell 0.45% against the dollar to $1.0666. The yen fell below the psychological mark of 160 per dollar, reaching a low of 160.82, down 0.7%, hitting a new low since 1986, with the yen as low as HK$4.8548 per 100 yen.

 

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