Investment 15/10/2024

The market continues to evaluate the strength of the central government's stimulus policies, and Hong Kong stocks have seen volatile trends.  After opening 23 points lower at 21,228 points, the Hang Seng Index once fell 558 points to 20,693 points. In the afternoon, it rose 96 points to a high of 21,348 points. It closed down 159 points or 0.74% at 21,092 points for the whole day; the technology index fell 67 points or 1.4 %, reported 4,668 points.  Main board transaction volume was HK$277 billion.


 The Hang Seng Index rose from 17,000 points to about 23,200 points earlier. If calculated based on the golden ratio, the current rise would be 0.382 times of retracement ,  there is some support for the index to test 20,800 points. If calculated as 0.5 times of retracement, the Hang Seng Index would be  an opportunity to test the 20,100 level, and the upper resistance is at 22,000 points.  The Hang Seng Index must regain its 10-DMA (21,607) to confirm that the adjustment is complete and resume its upward trend.  On the other hand, if the index falls below 20,100 points, the market will weaken.


The Ministry of Finance announced that it will launch a package of targeted incremental policy measures in the near future. There is a certain gap between the policies and market expectations, which has dragged down the Hong Kong stock market.  In addition, investors are waiting to see a number of important economic data to be released by the mainland this week. Before more major policies are introduced, Hong Kong stocks are expected to consolidate at high levels.


European stock markets rose across the board, with British, French and German stocks rising by 0.47%, 0.32% and 0.69% respectively.


 The market is looking forward to the satisfactory performance of U.S. companies later this week. U.S. stocks continued to perform well on Monday, with the Dow Jones Industrial Average and the S&P 500 both breaking through their intraday peaks and hitting record closing highs. Nvidia closed at a record high.  The Dow repeatedly broke through the top. After opening 62 points lower, the decline once expanded to 156 points, reaching a low of 42,707 points. It then rose 275 points to a high of 43,139 points. The S&P 500 also set a new intraday record, rising as much as 0.97% to 5,871 points.  The Nasdaq once rose 1.12%.


At the close of the U.S. stock market, the Dow rose 201 points, or 0.47%, to 43,065 points; the S&P 500 rose 44 points, or 0.77%, to 5,859 points; and the Nasdaq rose 159 points, or 0.87%, to 18,502 points.


The U.S. dollar was strong, with the U.S. dollar index rising as much as 0.46% to 103.36, the Euro falling 0.45% to $1.089, and the Japanese yen holding close to 150 per dollar, down 0.56% to 149.99 per dollar.

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Investment 24/4/2026

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