Investment 9/7/2024

The Hang Seng Index opened 131 points lower at 17,667 points. The decline once extended to 346 points, reaching a low of 17,453 points. It fell 275 points or 1.54% for the whole day to 17,524 points, barely staying on the 250-DMA (17,515), the dividing line between bulls and bears; the technology index fell 30 points points or 0.83%, reported at 3,566 points. Main board turnover was HK$89.3 billion. 

The French parliamentary election results added to market uncertainty, and Hong Kong stocks hit a two-and-a-half-month low. The People's Bank of China will carry out temporary forward repurchase or temporary reverse repurchase operations as appropriate. The help to Hong Kong stocks may be limited. However, Hong Kong stocks are still looking forward to the introduction of more beneficial national policies for the stock market. The Hang Seng Index is expected to consolidate at the 250-DMA. 

European stock markets were under pressure, with French stocks performing mixedly. They fell 0.63% in the early session and then rose 0.92%, before closing down 0.63%. British stocks closed down 0.13%, and German stocks edged down 0.02%.

 After the elections in the United Kingdom and France, investors' focus returned to market fundamentals, including the U.S. Federal Reserve's monetary policy and the new quarterly earnings period for U.S. companies that will kick off later this week. U.S. stocks showed individual trends on Monday. After opening 16 points higher, the Dow Jones Industrial Average expanded its gains to a maximum of 279 points, reaching a high of 39,654 points, and then fell 97 points to a low of 39,278 points. The S&P 500 and Nasdaq hit both current and closing record highs. The S&P 500 index rose 0.29% to 5,583 points, while the Nasdaq Composite Index, which is dominated by technology stocks, rose 0.35% to 18,416 points. 

At the close of U.S. stocks, the Dow Jones Industrial Average fell 31 points, or 0.08%, to 39,344 points; the S&P Index edged up 5 points, or 0.1%, to 5,572 points; and the Nasdaq Composite rose 50 points, or 0.28%, to 18,403 points. 

The U.S. dollar index rose 0.14% to 105.02 at the end of the period, the Euro fell as much as 0.35% to $1.0802, and then recovered some of its losses. The pound once rose 0.24% to $1.2846, and then turned softer; the yen once fell 0.23% to 161.12 per dollar. 

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