Investment 20/8/2024

The Hang Seng Index opened 139 points higher at 17,569 points, and then rose 255 points to 17,685 points. The rise recovered in the afternoon, rising 139 points or 0.8% for the whole day, to 17,569 points; the Technology Index rose 58 points, or 1.67%, to 3,517 points. Main board turnover was HK$94.4 billion. 

After the Hang Seng Index rose above the 250-DMA (17,289) last week, it once tested above the 100-DMA (17,682) yesterday. As expected, it still closed at the 50-DMA (17,594). The overall situation is better than that at the beginning of this month, mainly because the performance of heavyweight technology companies has become clearer and can also bring surprises to the market, and the mainland stock market has cooperated with the rise of Hong Kong stocks. For the market outlook, we should pay attention to the performance of Hong Kong stock companies, as well as the minutes of the U.S. Federal Reserve's interest rate meeting released on Thursday (22nd), which will determine the pace of future interest rate cuts.

 European stocks rose across the board, with British, French and German stocks closing up 0.55%, 0.7% and 0.54% respectively. 

The market is looking forward to U.S. Federal Reserve Chairman Powell's speech at the annual meeting of global central banks in Jackson Hole this Friday. U.S. stocks rose on Monday. After the Dow opened slightly higher by 11 points, the gains expanded to 247. points, reaching a high of 40,907 points; the S&P 500 and the Nasdaq repeatedly closed close to the highest level of the day. The Nasdaq technically broke out of the adjustment zone and fell into the adjustment zone (that is, the index fell more than 10% from its recent high) for only 11 trading days. Both the index and the S&P 500 index recorded gains for 8 consecutive trading days.

 At the close of U.S. stocks, the Dow rose 236 points, or 0.58%, to 40,896 points; the S&P 500 rose 54 points, or 0.97%, to 5,608 points; the Nasdaq rose 245 points, or 1.39%, to 17,876 points.

 The U.S. dollar index fell as much as 0.6% to 101.85, the Euro rose 0.54% to $1.1089, and the Japanese yen once surged 1.65% to 145.19 per dollar.

 

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