Investment 2/7/2024

Hong Kong stocks were weak on the last trading day of the first half of the year. The Hang Seng Index opened 133 points lower at 17,583 points and then found support. It rose as much as 149 points to 17,865 points. It closed slightly up 2 points or 0.01% at 17,718 points for the whole day. It fell 361 points or 1.99% in the first half of the year. The index rose by 671 points or 3.93%; the technology index underperformed, falling by 34 points or 0.95% to 3,554 points. Main board turnover was HK$98.8 billion. 

Due to the window-dressing effect at the half-year end, market conditions are expected to improve in the short term. As for the trend in July, the market is looking forward to the Third Plenary Session of the Central Committee of the Communist Party of China and the "Hong Kong Stock Connect" dividend tax reduction, which will help the market sentiment. However, the recovery of the mainland's economy remains to be seen, and the consumer market is not stagnant, which has dragged down the performance of related stocks. Hong Kong stocks have limited room for upside, with the Hang Seng Index moving down to 17,200 to 18,700 points. It will not be until the mainland introduces further economic stimulus measures and mainland property sales improve significantly that the market will be able to make further breakthroughs. 

European stock markets performed well. Led by banks and luxury goods stocks, French stocks rose 1.09%, while British and German stocks rose 0.03% and 0.3% respectively. 

Although the market's concerns about the French far-right coming back to power have temporarily eased, the rise in U.S. bond interest rates dragged down U.S. stocks on the first trading day of the second half of the year. The Dow Jones Industrial Average rose more than 300 points in the early stage and then fell briefly; the three major indexes finally With the support of heavyweight technology stocks, the market closed repeatedly for the better. After the Dow opened 67 points higher, the gain expanded to a maximum of 319 points, with a maximum of 39,438 points, and then fell 80 points to a low of 39,037 points; the S&P 500 index fell by 0.26% at most; the Nasdaq, which is dominated by technology stocks, once fell 0.42 %. 

At the close of the U.S. market, the Dow Jones Industrial Average closed at 39,169 points, up 50 points or 0.13%; the S&P Index rose 14 points or 0.27% to 5,475 points; the Nasdaq Composite rose 146 points or 0.83% to 17,879 points. 

The U.S. dollar index fell as much as 0.42% to 105.425; the euro once rose 0.59% to $1.0776; the yen hit a 38-year low, once falling 0.55% to 161.68 per dollar, with the yen as low as 4.8298 Hong Kong dollars per 100 yen. It hit a record low against the euro, which reached a high of 173.67 yen, up 0.74%.