Investment 2/12/2024

Hong Kong stocks saw mixed trends on the last trading day of November.  After opening 20 points lower at 19,346 points, the Hang Seng Index once fell 54 points to 19,312 points, and then shot up 291 points to 19,658 points. However, the selling pressure reappeared later, and the whole-day gain fell back to 56 points or 0.29%, to 19,423 points. ; The technology index rose 45 points, or 1.06%, to 4,353 points.  Main board transaction volume was HK$133.5 billion.


 To summarize, in November, the Hang Seng Index fell by 893 points or 4.39%; the Technology Index also fell by 3.23%.


 Beishui saw large inflows into Hong Kong stocks, absorbing another HK$7.81 billion  in a single day on Thursday (28th).  Although north water continues to flow in, Hong Kong stocks have seen a slowdown in trading recently.  The Hang Seng Index rose to the large double-bottom neckline of 22,700 points in early October and was blocked from adjustment. It fell below the 4-week-long horizontal zone and the May rebound wave peak of 19,706 points. Last week's drop of nearly 19,000 points found temporary support, and a short-term rebound may be expected first test the resistance of 20-DMA (19,861).  The trend of the Hang Seng Index in the past month has been lower than the wave top. If 19,000 points fall, the market outlook is expected to drop to the 100-DMA (18,833); if this line of defense fails again, another technical support will move down to the 250-DMA (17,763).  If the market wants to get rid of the threat of testing the bottom, the Hang Seng Index must immediately regain the 10-DMA (19,448) and hold firmly above it.  It is believed that the Hang Seng Index will mainly trade between 19,000 and 20,000 points in December.


 European stock markets lacked direction. In the end, British stocks closed up 0.07%, while French and German stocks rose 0.78% and 1.03% respectively.


 After the U.S. Thanksgiving holiday, U.S. stocks only traded for half a day on Friday (29th). As bond interest rates fell, the Dow Jones Industrial Average and the S&P 500 index both hit new highs on the market and closing prices.  After the Dow opened 37 points higher, the gain expanded to 349 points, reaching a maximum of 45,071 points; the S&P 500 once rose 0.76%, and the Nasdaq, which is dominated by technology stocks, rose as much as 0.97%, but market trading was weak.


 U.S. stocks closed at 44,910 points, with the Dow Jones Industrial Average up 188 points or 0.42%; the S&P Index rose 33 points or 0.56% to 6,032 points; and the Nasdaq Composite rose 157 points or 0.83% to 19,218 points.


 Last week, the Dow Jones Industrial Average rose 2.4%, while the S&P 500 and Nasdaq rose 1.4% and 1.3% respectively. In November, the Dow Jones Industrial Average rose 7.5%, and the S&P 500 and Nasdaq rose 5.7% and 6.2% respectively.

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