Investment 6/11/2024

The Hang Seng Index opened 157 points lower at 20,409 points, which was already the day's low. It then recovered its losses and rose more and more, and finally closed at the day's highest point of 21,006 points, up 439 points or 2.13%, rising for the third consecutive trading day; Technology Index It rose 161 points or 3.56% to 4,693 points.  Main board transaction volume was HK$169.9 billion.

 The market focused on the results of the U.S. presidential election. U.S. stocks came under pressure overnight, but the decline was limited.  Hong Kong stocks are not greatly affected by external factors. Investors are still waiting to see whether further economic stimulus measures will be introduced at the important mainland meeting. The Hang Seng Index is expected to have support at 20,000 points, while the upper resistance is at 21,500 points.

 European stock markets developed individually, with British stocks falling 0.14%, French and German stocks rising 0.48% and 0.57% respectively.

 As the market awaits the results of the U.S. presidential election, the latest service industry data is satisfactory. The ISM service industry index rose to 56 in October from 54.9 in September, which is the fastest expansion since mid-2022 and is better than the expected 53.8, driving the U.S. stocks rose significantly on Tuesday.  After the Dow opened 40 points higher, the gain expanded to a maximum of 464 points, reaching a high of 42,258 points. The S&P 500 and the Nasdaq Composite, which is dominated by technology stocks, also closed close to the day's high, with all three major indexes rising by more than 1%.

 At the close of U.S. stocks, the Dow Jones Industrial Average rose 427 points, or 1.02%, to 42,221 points, the S&P 500 rose 70 points, or 1.23%, to 5,782 points; the Nasdaq rose 259 points, or 1.43%, to 18,439 points.

 The U.S. dollar index fell by up to 0.5% to 103.37, the Euro rose by 0.55% to $1.0939, and the Japanese yen rose by 0.52% to 151.34 per dollar.