Investment 21/2/2025

The Hang Seng Index opened 227 points lower at 22,716 points and continued to fall, falling 508 points to 22,436 points. It fell 367 points or 1.6% for the day to 22,576 points; the Technology Index fell 172 points or 3.03% to 5,500 points. The main board traded HK$283.9 billion .

 Although the market turnover continued to be brisk past days, there were signs of a slowdown in capital inflows, reflecting that investors' attitude towards entering the market has become more cautious. The Hong Kong stock market has retreated in the short term, with support at 22,000 points. It is expected to rise further after consolidation. If it breaks the resistance of 22,700 points, it may test the high of 23,241 points in October last year. Citigroup raised its year-end target for the Hang Seng Index to 24,500 points.

 HSBC's performance last quarter exceeded expectations. Goldman Sachs maintained its "buy" rating on HSBC and raised its target price from HK$93 to HK$103.

 European stock markets developed differently, with UK and German stocks closing down 0.57% and 0.53% respectively, while French stocks rose 0.15%.

 The bleak performance outlook of Walmart, the largest retailer in the United States, has exacerbated market concerns about the US economy. U.S. stocks plummeted on Thursday. The Dow Jones Industrial Average opened 66 points lower and then widened its decline to as much as 677 points, hitting a low of 43,950 points. The S&P 500 fell 0.97% from its record high, and the Nasdaq, which is dominated by technology stocks, fell 1.3%.

 At the close of U.S. stocks, the Dow Jones Industrial Average was still down 450 points, or 1.01%, to 44,176 points; the S&P 500 fell 26 points, or 0.43%, to 6,117 points; and the Nasdaq fell 93 points, or 0.47%, to 19,962 points.

 One month after Trump took office as US President, the S&P 500 has risen about 4.5% this year as of Wednesday. Citigroup said Trump's policy proposals will bring short-term downside risks because investors have not yet incorporated policy interference into their assessment of fundamental factors; the bank's benchmark target for the end of this year is 6,500 points, which means there is still about 6% room for growth from Wednesday's close.

 The U.S. dollar index fell as much as 0.77% to 106.34; the Japanese yen rose above 150 per dollar, hitting a new high this year, and once rose 1.38% to 149.39; the euro rose 0.79% to $1.0506. Bitcoin rose 2.6% to $98,784 and hit a low of $96,260 during the day.

 [Below] A joint Egyptian and British archaeological team discovered the tomb of King Thutmose II in the Western Valley of the Theban necropolis. This is the first complete pharaoh's tomb to be discovered since the discovery of Tutankhamun's tomb in 1922.