Investment 7/10/2024

After the Hang Seng Index opened 98 points lower at 22,015 points, it once fell 288 points to 21,824 points. It then turned around and rebounded. It rose even more in the late market. It once rose 628 points to 22,742 points, a new high since March 2022, and rose 623 points or 2.81% throughout the day reported at 22,736 points; the technology index rose 248 points, or 4.99%, reported at 5,227 points.  Main board transaction volume was HK$261.5 billion.

For the whole week, the Hang Seng Index rose by 2,104 points or 10.2%.  The technology index rose 17.4% for the week.

After the U.S. Federal Reserve cut interest rates, the mainland also launched a number of policies to stimulate the stock and property markets, which boosted the market sentiment. It is expected that the Hong Kong stock market rally party is not over yet.  In terms of technical trends, the monthly chart shows that the Hang Seng Index has stabilized on the central axis of the Bollinger Channel for the first time in 38 months, and has quickly challenged the upper axis resistance. The market outlook has a greater chance of an upward trend. If the Hang Seng Index is confirmed to break through the high of 22,700 points at the beginning of last year, The next resistance is at 24,500.  The Hang Seng Index has been seriously overbought. If there is a short-term adjustment, the 20,800 level is expected to be supportive.

 European stock markets developed individually, with British stocks falling slightly by 0.02%, and French and German stocks closing higher by 0.85% and 0.55% respectively.

 The U.S. non-agricultural job growth was satisfactory last month and the unemployment rate fell. Expectations for a major interest rate cut by the Federal Reserve have cooled. U.S. stocks performed well on Friday. After opening 236 points higher, the Dow Jones Industrial Average had risen by about 300 points in the early stage, and then turned slightly lower. Duan exerted strength again, reaching a high of 42,361 points, with an increase of 349 points.  The three major U.S. stock indexes finally closed close to the day's high, with the Nasdaq rising by as much as 1.27%.

 At the close of U.S. stocks, the Dow rose 341 points or 0.81% to 42,352 points; the S&P 500 rose 51 points or 0.9% to 5,751 points; the Nasdaq rose 219 points or 1.22% to 18,137 points.

 The U.S. dollar exchange rate strengthened, with the U.S. dollar index rising by up to 0.69% to 102.69; the euro fell 0.73% to $1.0952; the yen fell 1.41% to 149 per dollar.