Investment 9/10/2024

The Hang Seng Index opened 250 points lower at 22,849 points and then the decline intensified. It once fell sharply by 2,336 points to 20,762 points. Later, the decline narrowed. However, it came under pressure again at the end of the day. It fell 2,172 points or 9.4% for the whole day. It was the largest drop since October 2008 ,  the largest single-day decline was at 20,926 points.  The technology index fell by 690 points, or 12.82%, to 4,695 points.  Main board turnover reached HK$620.4 billion, the highest on record.


The A-share market rose less than 10% after the long holiday. The rise was not as good as expected. The Hong Kong stock market even experienced a correction of more than 2,000 points, reflecting the actual effectiveness of the market's rescue policy. It is still unknown whether it can effectively help consumption, investment and other basic factors. However, we still have a wait-and-see attitude.  However, the market outlook for the Hong Kong stock market is still promising, because the Mainland’s bailout mainly starts from the stock market and then creates a wealth effect. The trading volume of the Hong Kong stock market yesterday was very large, reflecting that the low level has been taken over. It is believed that the previous accumulated gains can be digested.  The Hang Seng Index is expected to fluctuate around 22,000 points in the next few days, and it is not surprising to see daily fluctuations of 1,000 points.  If the Hang Seng Index can hold on to 21,000 points today and quickly recover the resistance of 22,700 points, the market outlook can still reach 24,500 points.


 Morgan Stanley lowered the target price of HSBC from 78.4 yuan to 76.8 yuan, mainly worried that interest rates may be lower than expected, which will be detrimental to net interest income.


 Led by mining and luxury goods stocks, European stock markets came under pressure, with British, French and German stocks falling 1.36%, 0.72% and 0.2% respectively.


The market hopes that the U.S. inflation data to be released later this week will be enough to support the Federal Reserve to continue to cut interest rates in the coming months. U.S. stocks stabilized on Tuesday. After the Dow opened 68 points higher, the increase once expanded to a maximum of 174 points, reaching a maximum of 42,128 points; The index once rose 1.08%, and the Nasdaq, which is dominated by technology stocks, once rose 1.56%.


 U.S. stocks closed at 42,080 points, with the Dow Jones Industrial Average rising 126 points or 0.3%; the S&P Index rising 55 points or 0.97% to 5,751 points; and the Nasdaq rising 259 points or 1.45% to 18,182 points.

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Investment 24/4/2026

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