Investment 8/8/2024

Hong Kong stocks rebounded more than 200 points, ending four consecutive losses. The Hang Seng Index opened 37 points higher and maintained its upward trend, rising by more than 250 points to a maximum of 16,900 points. It rose 230 points or 1.38% throughout the day to 16,877 points. The Technology Index rose 39 points or 1.19% to 3,382 points. Market turnover was approximately HK$95.7 billion. The total net inflow of water from north to south increased to HK$11.673 billion . 


The Hang Seng Index is still in the downward channel extending from the high of 19,706 points in early May. Before returning to the 250-DMA (17,358), the market outlook continues to be soft. There are currently two major factors dragging down the performance of the stock market. On the one hand, the market expects that the U.S. Federal Reserve may intensify its interest rate cuts. The U.S. dollar index fell in response, and the Japanese yen exchange rate strengthened. The wave of Japanese yen unwinding triggered global market turmoil. On the other hand, the recently released data in the United States were also worse than expected, and the market is worried that the local economy will fall into recession. Warren Buffett, the stock investor, has also reduced his holdings of stocks and increased his holdings of cash, making investors cautious about the market outlook. As the global market sentiment deteriorates, it is better to maintain a healthy profit and be conservative.


 European stock markets rose across the board, with British, French and German stocks rising by 1.75%, 1.91% and 1.5% respectively. 


After the Bank of Japan stated that it would not raise interest rates during the market turmoil, U.S. stocks continued to perform well on Wednesday. After opening 232 points higher, the Dow Jones Industrial Average rose as much as 480 points to a high of 39,477 points. At the end of the period, it fell 266 points to a low of 38,731 points.  The S&P 500 index rose by 1.73%, and the Nasdaq, which is dominated by technology stocks, rose by up to 2.1%. 


At the close of the U.S. stock market, the Dow Jones Industrial Average fell 234 points, or 0.6%, to 38,763 points; the S&P Index fell 14 points, or 0.77%, to 5,199 points; and the Nasdaq Composite fell 73 points, or 1.05%, to 16,195 points.

 

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