Investment 3/11/2025

On Friday, the Hang Seng Index opened 19 points lower at 26,263, and the decline widened in the afternoon, closing at its intraday low of 25,906, down 376 points or 1.43%. The Technology Index fell 143 points or 2.37% to 5,908. Main board turnover was HK$257.6 billion.


For the week, the index fell a cumulative 253 points or 0.96%. In October, the Hang Seng Index fell a cumulative 948 points or 3.53%.


The Hang Seng Index has broken below the 10-day, 20-day, and 50-day moving averages, and will likely test the support of the 100-DMA(25,301). Whether the medium-term correction wave in Hong Kong stocks has officially begun will depend on whether the previous medium-term upward wave peak, namely the mid-March high of 24,874, is breached. From another perspective: The rise from the early April low of 19,260 to 27,381, with a 0.382 Fibonacci retracement target of 24,279, represents a potential correction.


While the US and China reached an agreement, the market was not particularly surprised. Coupled with a cooling of market expectations for a December rate cut by the Federal Reserve, US stocks corrected overnight. The future performance of Hong Kong stocks will depend on the earnings of Chinese technology stocks, especially Alibaba and Tencent Holdings. The market previously anticipated that AI would drive profits, leading to a significant rise in related stocks, but this momentum has since faltered. A positive earnings surprise is expected to trigger a market breakout.


European stock markets closed slightly lower, with the UK, French, and German markets falling 0.44%, 0.44%, and 0.67% respectively.


U.S. stocks rebounded on Friday, halting their decline, with the Dow Jones Industrial Average opening 137 points higher. After fluctuating and falling as much as 174 points, it later rallied to a high of 47,671 points, a gain of 196 points. The S&P 500 rose as much as 0.83%, while the tech-heavy Nasdaq Composite rebounded by as much as 365 points (1.55%).


At the close, the Dow Jones Industrial Average stood at 47,562 points, up 40 points or 0.09%; the S&P 500 rose 0.26% to 6,840 points; and the Nasdaq Composite gained 0.61% to 23,724 points. For the week, the Dow Jones rose 0.8%, the S&P 500 gained 0.7%, and the Nasdaq climbed 2.2%. In October, the Dow Jones rose 2.5%, marking its first six-month winning streak since 2018; the S&P 500 jumped 2.3%, and the Nasdaq surged 4.7%.


The US dollar index rose as much as 0.31% to 99.84, while the euro fell 0.38% to $1.1522 as the preliminary October inflation reading for the Eurozone slowed to 2.1%, in line with expectations. The yen rebounded as much as 0.31% to 153.65 against the dollar. Bitcoin rose as much as 3.6% to $111,061.

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Investment 24/4/2026

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