Investment 7/8/2024

After the Hang Seng Index opened 162 points higher at 16,861 points, the increase once expanded to 210 points, hitting a high of 16,908 points. However, it fell 87 points to a low of 16,611 points. It closed 51 points or 0.3% lower for the whole day at 16,647 points. It fell for the fourth trading day; the technology index outperformed, rising 3 points or 0.09% to 3,342 points. Main board turnover was HK$96.4 billion.


 Amid the global market turbulence, the Hang Seng Index has been moving relatively hard, reflecting that foreign investment in the Hong Kong stock market is not a large proportion, so external influences are limited. Asia-Pacific stock markets rebounded significantly on Tuesday (6th), and the RMB exchange rate also stabilized, supporting Hong Kong stocks. The Hang Seng Index rebounded yesterday, but was still constrained by the last high adjustment of fibo 0.618 at 16,670 points. It is expected to rebound again today and test the resistance of 17,000 points. However, it is not the time to catch the bottom now, but the market capitalization rate has relatively increased. If the Hang Seng Index falls further and the market trading volume increases to HK 140 billion or more, it will also be a signal that the Hong Kong stock market has bottomed out. 


The Japanese stock market staged a retaliatory rebound on Tuesday, with the Nikkei Stock Average soaring 3,217 points or 10.23% to close at 34,675 points. It was the most crazy in history in terms of points and the strongest increase in the past 16 years.


 European stock markets developed individually, with British and German stocks rising 0.23% and 0.09% respectively, while French stocks fell 0.27%. 


The market is worried about the economic outlook of the United States, and global stock markets suffered a "Black Monday". Regarding the data released recently, it is too early to say that the U.S. economy has fallen into recession. As for whether it will affect the Federal Reserve's interest rate cuts, we have to wait and see future data before making a final conclusion. In fact, US stocks have already risen a lot earlier. Amid the bad news, profit-taking is inevitable. For the time being, it can only be regarded as an adjustment, and it is difficult to say that the trend has weakened.


 After the panic selling caused by the global stock market crash on Monday, some investors began to take advantage of the low price, driving the market to stabilize on Tuesday. The Dow opened 32 points higher and then turned upward. The increase once expanded to 746 points, reaching a high of 39,449 points; the S&P 500 index It had rebounded by 2.43%, and the Nasdaq, which is dominated by technology stocks, rose by up to 2.59%. The VIX volatility index, commonly known as the "fear index", fell sharply by 28% to 27.77.


At the close of U.S. stocks, the Dow still rose 294 points, or 0.76%, to 38,997 points, ending its losing streak in the past three trading days; the S&P 500 rose 53 points, or 1.04%, to 5,240 points; the Nasdaq rose 166 points, or 1.03%, to 16,366 points.


 The wave of yen unwinding caused turmoil in global stock markets and shattered investor confidence. The yen retreated up to 1.51% from its seven-month high yesterday to 146.36 yen per dollar. The US dollar index once rose 0.53% to 103.23; the Euro once fell 0.44% to $1.0904.

 

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