Investment 19/7/2024

The Hang Seng Index opened 86 points lower at 17,653 points and then repeatedly did well. In the afternoon, it rose 124 points to 17,864 points. It closed up 39 points or 0.22% for the whole day at 17,778 points. The Technology Index fell 27 points or 0.76% to 3,613 points. Main board transaction volume was HK$87.5 billion. 

The Hang Seng Index's 250-DMA (17,481), which divides bulls and bears, will be a short-term low. It has been able to hold steady after repeated downward tests. I believe investors may think that this level is cheap enough and make arrangements. It will continue to trade at 250-DMA and 50-DMA(18,308) for the time being.  Expectations of interest rate cuts will have limited effect on boosting Hong Kong stocks. We still need to pay attention to whether policies will be introduced at important mainland meetings to support the economy. If there is positive news, the Hang Seng Index may still have a chance to challenge the 19,000 level or even the 20,000 level by the end of the year. 

European stock markets showed individual developments, with British and French stocks both rising 0.21% and German stocks falling 0.45%. 

The latest U.S. employment data weakened, strengthening the case for the Federal Reserve to cut interest rates in the future. However, U.S. stocks came under pressure on Thursday. The Dow once rose by up to 177 points, reaching a high of 41,376 points, setting a new record. It later retreated from its highs and once fell by 600 points. points, as low as 40,597 points; the S&P 500 once fell by 1.17%, and the Nasdaq fell by up to 1.32%. 

At the close of U.S. stocks, the Dow Jones Industrial Average fell 533 points, or 1.29%, to 40,665 points; the S&P 500 dropped 43 points, or 0.78%, to 5,544 points; and the Nasdaq dropped 125 points, or 0.7%, to 17,871 points.

 The U.S. dollar index rose 0.48% to 104.23; the European Central Bank kept interest rates unchanged, and the euro fell 0.42% to $1.0894; the yen fell 0.77% to 157.4 per dollar.