Investment 5/7/2024

Hong Kong stocks rose first and then softened. After opening 101 points higher, they performed repeatedly and could still reach the 18,000 level by the close. The Hang Seng Index rose 49 points, or 0.28%, to 18,028 points for the fourth consecutive day; the Technology Index rose 22 points, or 0.63%, to 3,649 points. The main board transaction volume exceeded HK$90.8 billion. 

The recent economic data released by the mainland are worse than expected. Coupled with the weak RMB exchange rate, the mainland stock market continues to be under pressure, limiting the rebound momentum of the Hong Kong stock market. The Hang Seng Index is expected to fluctuate within a narrow range of 17,400 points to 18,200 points, with a short-term breakthrough unlikely. The market is still paying attention to the Third Plenary Session of the Mainland Central Committee in mid-July, when the policy direction may be basically set, but it is believed that it will be difficult for the market to make a breakthrough before this. 

Thursday is the Independence Day holiday in the United States, and the financial market is closed. Investors are paying attention to the elections in the United Kingdom and France, and are looking forward to an interest rate cut by the U.S. Federal Reserve. Major European stock markets generally rose, with the British FTSE 100 index rising by up to 1.06% and closing up 0.86%. to 8241 points; the French stock market rose, with the CAC 40 index closing at 7695 points, up 0.83% or 63 points; the German DAX index closed at 18450 points, up 0.41% or 75 points. 

The U.S. exchange rate index continued to fall 0.29% to 105.102; the pound rose 0.2% to $1.2768, the euro also rose 0.26% to $1.0814, and the yen rebounded 0.46% to 160.95 per dollar.