Investment 21/11/2025

The Hang Seng Index opened 169 points higher at 25,999, then fluctuated, rising as much as 216 points to 26,046. It then fell as much as 138 points to 25,692 in the afternoon before recovering slightly to close up 4 points or 0.01% at 25,835, ending a four-day losing streak. The Technology Index fell 32 points or 0.57% to 5,574. Main board turnover was HK$245.1 billion.

Hong Kong stocks have recently been dragged down by external factors, with the Hang Seng Index falling by about 1,000 points from its high. Although it temporarily stabilized yesterday, the Hang Seng Index has broken below the 10-day, 20-day, and 50-day moving averages. It is expected to test the support of the 100-DMA (25,628) today, and is very likely to fall below it. Even if there is a rebound, there is significant resistance at the 20-DMA (26,288), and there are no major catalysts in the short term, especially as the year-end approaches, and investors are adopting a more conservative stance. Furthermore, whether the mid-term correction wave in Hong Kong stocks has officially begun will depend on whether the previous mid-term upward wave peak, namely the mid-March high of 24,874 points, is breached. From another perspective: the correction target is 24,279 points, representing 0.382 times the rise from the early April low of 19,260 points to 27,381 points.

European stock markets rose across the board, with German stocks up 0.5%, French stocks up 0.34%, and British stocks up 0.21%. Asian stock markets surged, with Japan's Nikkei index rising as much as 4.2%, its strongest performance since October 6th, before closing up 2.65%.

Nvidia's strong earnings initially sent its stock price soaring 5.1% to a high of $196, but market concerns about a potential AI bubble caused the stock to reverse course, closing down 3.2%. US stocks also saw a reversal, with the Dow Jones Industrial Average initially rising over 700 points before plunging more than 400 points. The Dow opened 428 points higher and extended its gains to a maximum of 717 points, reaching a high of 46,856, before briefly dipping 409 points to a low of 45,728. The S&P 500 rose as much as 1.93%, and the tech-heavy Nasdaq Composite jumped as much as 2.58%, but both closed near their intraday lows.

U.S. stocks closed lower, with the Dow Jones Industrial Average down 386 points, or 0.84%, to 45,752; the S&P 500 fell 103 points, or 1.56%, to 6,538; and the Nasdaq Composite plunged 486 points, or 2.15%, to 22,078.

The U.S. dollar index rose as much as 0.13% to 100.36; the euro fell as much as 0.29% to $1.1504; and the yen fell as much as 0.48% to 157.9 against the dollar. Bitcoin surged as much as 2.84% to a high of $93,074 before plunging 7.5% to $86,092.