Investment 8/10/2024

Investors are looking forward to the central government's continued rescue of the market. After opening 211 points higher at 22,948 points, the Hang Seng Index once rose 504 points to 23,241 points, setting a new high in more than two and a half years. However, selling orders later appeared, and the Hang Seng Index fell 16 points to a low 22,719 points, and remained at the 23,000 mark for most of the afternoon. It closed up 362 points, or 1.59%, at 23,099 points; the technology index rose 159 points, or 3.04%, to 5,386 points.  Main board transaction volume was HK$296.8 billion.


The Hong Kong stock market has now broken through the resistance level of 22,700 points. If better new policies are introduced in the mainland later and more funds flow in, the Hong Kong stock market will break through the next resistance level of 24,500 points. It can reach the level of 25,000 points, and the mid- to long-term growth target can be reached  30,700.  However, there is expected to be considerable resistance at the top of the intensive area of ​​25,050 in the Hang Seng Index from November 2021 to February 2022.  The market is seriously overbought, and short-term adjustments may occur at any time, but there will be support at the 20,800 level.  Beishui returns today. If the turnover can reach HK$300 billion to 400 billion , I believe the rise in Hong Kong stocks can be maintained.  In addition, several major banks have raised their targets for the Hang Seng Index. Citigroup is optimistic that the Hang Seng Index will reach 26,000 points by the middle of next year, an increase of 23.8% from the original forecast, and will further climb to 28,000 points by the end of the year.


European stock markets developed individually, with British and French stocks rising 0.28% and 0.46% respectively, while German stocks fell slightly by 0.09%.


Expectations for the Federal Reserve to cut interest rates have cooled, and the U.S. 10-year bond yield has exceeded the 4% mark for the first time since August. U.S. stocks softened on Monday (7th). After opening 63 points lower, the Dow fell as much as 521 points to a low of 41,831 points. ; The S&P 500 index once fell 1.12%, and the Nasdaq Composite, which is dominated by technology stocks, once fell back 1.31%.


U.S. stocks closed at 41,954 points, with the Dow Jones Industrial Average down 398 points or 0.94%; the S&P Index fell 55 points or 0.96% to 5,695 points; and the Nasdaq Composite fell 213 points or 1.18% to 17,923 points.

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Investment 24/4/2026

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