Investment 2/9/2024

On the last trading day of August, the Hang Seng Index opened 8 points higher at 17,794 points. The increase once expanded to 416 points, reaching a high of 18,202 points. The upward trend rebounded in the late market, rising 202 points or 1.14% to 17,989 points; the technology index rose. 99 points or 2.87%, quoted at 3,560 points. The MSCI index adjustment took effect, and the main board turnover increased to HK$173.4 billion. 

The Hang Seng Index rose 376 points or 2.14% for the whole week; it rose 644 points or 3.71% in August. 

The market is waiting to see the mainland's economic data and policies, and Hong Kong stocks are sluggish. However, the Hang Seng Index fell to 16,441 points in early August to find support and established a short-term upward channel. Last week's high of 18,202 points has risen close to the resistance zone of 18,300 to 18,500 points. Since the market is not overbought and the trading volume has increased, This week is expected to challenge this area. If it successfully breaks through, the next target is the previous high of 19,706 points. If the Hang Seng Index adjusts in the short term, the 100-DMA (17,779) is expected to be supportive. 

European stock markets performed weakly, with French stocks closing down 0.13%, British stocks and German stocks falling slightly by 0.04% and 0.03%. 

The performance of major U.S. inflation indicators was generally in line with market expectations. The Federal Reserve's tendency to start cutting interest rates in September remains unchanged. U.S. stocks performed well on the last trading day of August. After opening 31 points higher on Friday, the Dow Jones Industrial Average turned around and fell 189 points in the middle. point, less than an hour before the market close, it started to gain momentum, rising by up to 250 points, reaching a high of 41,585 points, setting new market and closing highs. The S&P 500 and Nasdaq both rose by more than 1%, and the three major indexes all closed close to the day's high. 

At the close of the U.S. stock market, the Dow still rose 228 points, or 0.55%, to 41,563 points; the S&P 500 jumped 56 points, or 1.01%, to 5,648 points; the Nasdaq, which is dominated by technology stocks, rose 197 points, or 1.13%, to 17,713 points. 

Cumulatively in August, the Dow Jones Industrial Average rose 1.8%; the S&P Index rebounded 2.3%, rising for 4 consecutive months; and the Nasdaq Composite Index rose 0.7%. 

The U.S. dollar index rose as much as 0.43% to 101.78, the euro fell 0.32% to $1.1044, and the yen fell 0.88% to 146.26 per dollar. 

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