Investment 16/10/2024

The Hang Seng Index opened 46 points lower at 21,046 points. Selling pressure intensified in the afternoon, falling 938 points to 20,154 points. It closed down 774 points, or 3.67%, at 20,318 points for the day. The Technology Index fell 217 points, or 4.65%, to 4,450 points.  Main board transaction volume was HK$261.2 billion.


Hong Kong stocks have rebounded a lot since the mainland's economic crisis. However, the National Development and Reform Commission has not released any specific new stimulus policies, which has dragged down Hong Kong stocks sharply.  The Ministry of Finance's press conference last weekend did not mention the specific scale and timetable of incremental fiscal policy, which also disappointed the market. However, the market decline seems to have slowed down.  If calculated based on the 0.5 times retracement of the last rising wave adjustment fibo, the Hang Seng Index will have the opportunity to test the 20,100-point level, with the upper resistance at 22,000 points.  The Hang Seng Index must regain its 10-DMA (21,576) to confirm that the adjustment is complete and resume its upward trend.  As the mainland's fiscal stimulus policies are gradually introduced, it will have a certain support for the stock market. The Hang Seng Index has a chance to rebound in the short term, but there are many obstacles above and it is expected to be difficult to break above 23,000 points.  On the other hand, if the index falls below 20,100 points, the market will continue to be weak.


 European stocks fell. Under pressure from resources and luxury goods stocks, British, French and German stocks fell 0.52%, 1.05% and 0.11% respectively.


 The performance of U.S. companies was mixed. U.S. stocks retreated from record highs on Tuesday. The Dow Jones Industrial Average opened 174 points higher and then fell as much as 362 points to a low of 42,703 points. The S&P 500 fell 0.94% from its high. The Nasdaq, which is dominated by technology stocks, fell the most. Down 1.35%.


 At the close of the U.S. stock market, the Dow still fell 324 points, or 0.75%, to 42,740 points; the S&P 500 dropped 44 points, or 0.76%, to 5,815 points; and the Nasdaq added 187 points, or 1.01%, to 18,315 points.


 The Bank of Japan's plan to raise interest rates is unclear. The yen has weakened again in recent days, testing the 150 level against the dollar. Investors are once again paying attention to the risk of intervention. Whether it will fall below 152 is the key, because after falling below this level last time, it soon fell. Down towards 160.

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