Investment 14/8/2024

Hong Kong stocks rose for the 5th day in a row. The Hang Seng Index opened 48 points or 0.28% higher at 17,160 points. The increase once expanded to 141 points. It reached a high of 17,252 points and then retreated. The whole-day fluctuation was only 178 points. It finally closed up 62 points or 0.36% at 17,174 points; the technology index was flat. It closed at 3,429 points for the whole day. The market turnover was HK$70.8 billion. 

The Hang Seng Index is still in the downtrend channel extended in May, below the 250-DMA (17,319) that divides bulls and bears. Unless the Hang Seng Index can return above the bull-bear dividing line in the short term, the weakness will be difficult to change. It is not advisable to be too optimistic and should reduce the pound in case of a rebound. Many heavyweight stocks will announce their results this week, which may have an impact on the market performance, but the impact is not expected to be significant.

 European stock markets repeatedly performed well, with British, French and German stocks rising slightly by 0.3%, 0.35% and 0.48% respectively. The U.S. Producer Price Index (PPI) rose less than expected in July, strengthening the market's confidence in the Federal Reserve's interest rate cut in September. U.S. stocks rose significantly on Tuesday. After the Dow opened 88 points higher, the increase once expanded to 435 points, reaching a high of 39,792 points. The S&P 500 index rose by 1.72% at one point, while the Nasdaq, which is dominated by technology stocks, rose by up to 2.46%.

 At the close of U.S. stocks, the Dow Jones Industrial Average rose 408 points, or 1.04%, to 39,765 points; the S&P Index rose 90 points, or 1.68%, to 5,434 points; and the Nasdaq rose 407 points, or 2.43%, to 17,187 points. 

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Investment 24/4/2026

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