Investment 17/7/2024

The Hang Seng Index opened 170 points lower at 17,845 points and then the selling pressure continued. It closed at the lowest level of the day, falling 287 points or 1.59% to 17,727 points. The Technology Index fell 49 points or 1.35% to 3,622 points. Main board turnover was HK$94.2 billion.


 Yesterday, the Hang Seng Index completely covered the rising gap last Friday (17,864 to 18,020), fell below the 20-DMA (17,915), and even fell below the 10-DMA (17,820). The support of the 100-DMA (17,536) is extremely critical, and there is an opportunity for further upward movement in the market outlook, 17,000 points is the support below. Although the Hang Seng Index once rose above the 18,000 level earlier, it later turned back and fell, and there was no matching transaction, indicating that this may be a false breakthrough. 


If the Federal Reserve is expected to cut interest rates, the US exchange rate index may weaken, which will support the stabilization of the RMB exchange rate, which will be beneficial to Hong Kong stocks. However, the mainland's economic growth is not as good as expected, and the market is hoping that more policies may be introduced. However, there is still no news for the time being, and the momentum of Hong Kong stocks is limited. 


European stock markets continued to be weak, with British, French and German stocks falling 0.22%, 0.69% and 0.39% respectively.


The latest retail sales data in the United States was better than expected. U.S. stocks performed well on Tuesday. The Dow and S&P 500 index both broke through the top and hit a record closing high. After the Dow opened 52 points higher, the increase expanded to a maximum of 777 points, and the highest was 40,988 points; rose 0.68%, reaching a high of 5,669 points; the Nasdaq once fell 0.47%.


 At the close of the U.S. market, the Dow still rose 742 points, or 1.85%, to 40,954 points; the S&P 500 rose 35 points, or 0.64%, to 5,667 points; the Nasdaq rose 36 points, or 0.2%, to 18,509 points.


 The US Dollar Index  104.23: daily 158.38 Against the US dollar; the pound 1.2979 US dollars; the euro 1.0899 US dollars.

 

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