Investment 3/10/2024

Beishui was absent, but foreign capital continued to sweep away Hong Kong stocks, and Hong Kong stocks continued to be strong after the holidays.  On the first trading day in October, the Hang Seng Index rose 1,534 points to 22,667 points, the highest since January 2023. It rose 1,310 points or 6.19% to 22,443 points for the whole day, rising for the sixth consecutive trading day; the technology index rose 405 points. or 8.52%, at 5,157 points.  Main board transaction volume was HK$434 billion.


Increasing tensions in the Middle East triggered risk aversion among investors. U.S. stocks fell overnight and stock markets in the Asia-Pacific region were also volatile.  However, it did not hinder the rise of the Hong Kong stock market. The Hang Seng Index rose by more than 1,000 points immediately, and the trading volume remained strong, reflecting that funds continued to return to the Hong Kong stock market to catch up, and even became a hedging object. If the trading volume continues to cooperate, it does not rule out that the Hong Kong stock market will be able to reach new highs. .  One of the driving forces behind the rise in Hong Kong stocks this time is the effect of the new policy on short positions. The Hang Seng Index can reach 24,500 points or higher. In terms of time, the uptrend may last until about the end of this month, which is when the U.S. The eve of the election.  However, it is currently overbought, and may indeed be subject to adjustment from the high of 22,700 points early last year. It may first fall back to 20,400 points, with greater support from the May high of 19,706 points.  After the adjustment, the upward trend resumed.  But if the Hang Seng Index returns to 18,800 points, the uptrend will end.


 European stock markets developed individually. Supported by rising resources, British stocks rose 0.17%, French stocks edged up 0.05%, and German stocks closed down 0.25%.


 U.S. stocks fell first on Wednesday and then stabilized repeatedly. After the Dow opened 31 points lower, the decline once expanded to a maximum of 188 points and a low of 41,968 points. The S&P 500 dropped 0.61%. The Nasdaq, which is dominated by technology stocks, once fell 0.8%.


 At the close of the U.S. stock market, the Dow Jones Industrial Average rose 39 points, or 0.09%, to 42,196 points; the S&P Index rose 0.01%, to 5,709 points; and the Nasdaq Composite edged up 14 points, or 0.08%, to 17,925 points.


 The US dollar index rose 0.49% to 101.69.  Japan's new Prime Minister Shigeru Ishiba made it clear that the Bank of Japan should not raise interest rates. His remarks caused the yen to expand its losses, falling as much as 2.05% to a low of 146.51 per dollar.  Expectations for the European Central Bank to cut interest rates this month have increased, and the euro once fell 0.32% to $1.1033.

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