Investment 23/7/2024

Hong Kong stocks fell first and then recovered. After opening 47 points higher at 17,465 points, the Hang Seng Index once fell 103 points to 17,313 points. It then resumed its upward trend and rose 275 points to 17,693 points. It closed up 218 points or 1.25% for the whole day. It reported 17,635 points, regaining the 250-DMA (17,469); the technology index rose 74 points or 2.09% to 3,610 points. Main board transaction volume was HK$93.4 billion. 

U.S. President Biden's withdrawal from the election has greatly increased the chance of the Federal Reserve cutting interest rates in September. In addition, the People's Bank of China has unexpectedly cut interest rates and lowered the one-year and five-year loan prime rates (LPR) in July by 10 basis points each. The market is sending positive signals. However, the important mainland meeting concluded last week, and more details are still waiting for the market to interpret. It is believed that Hong Kong stocks will mainly consolidate this week. The important support below the Hang Seng Index is the 150-DMA (17,106), and the upper resistance is at the 50-DMA (18,274). 

European stock markets improved across the board, with British, French and German stocks rising by 0.53%, 1.16% and 1.29% respectively.

 The market continues to focus on the earnings and economic data to be released later this week. U.S. stocks performed well on Monday. The Dow rose 185 points to a high of 40,472 points, and then fell 64 points to a low of 40,222 points. The S&P 500 index rebounded at most. 1.19%, the Nasdaq rebounded 1.77%. 

At the close of U.S. stocks, the Dow rose 127 points, or 0.32%, to 40,415 points; the S&P 500 rose 59 points, or 1.08%, to 5,564 points; and the Nasdaq rose 280 points, or 1.58%, to 18,007 points. 

The US dollar index fell 0.21% to 104.181; the Euro fell 0.08% to $1.0873. The yen rose as much as 0.76%, reaching a high of 156.29 per dollar. 

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