Investment 29/12/2025

Hong Kong stocks traded for half a day on Christmas Eve. The Hang Seng Index opened 5 points higher and then fluctuated narrowly, closing up 44 points or 0.17% at 25,818; the Technology Index rose 10 points or 0.19% to 5,499. Turnover on the main board was HK$92.5 billion.


Financial stocks performed well, with HSBC Holdings closing at HK$123.8, up 1.2%, hitting a new 52-week high. If it breaks through HK$135, in the best-case scenario, it could revisit the historical high of HK$153.5 reached on October 15, 2007.


On the eve of the holiday, the Hang Seng Index is expected to remain sluggish, but there are some positive factors. The US postponed the imposition of tariffs on Chinese chips, which boosted overall market sentiment. Even though the Hang Seng Index hasn't seen a significant rise, it has recently recovered several major moving averages: the Hang Seng Index has crossed the 10-DMA (25,642) and the 20-DMA (25,744), indicating that the market has shaken off its weakness of continuing to search for a bottom. If buying activity picks up slightly more, the Hang Seng Index should have a chance to further test the 100-DMA (25,892) and the 50-DMA (25,962). Technically, if the Hang Seng Index can cross the 50-day moving average, it means the market will be above all moving averages again, at which point the market should have a chance to further test 26,000 points and the high of 26,264 points reached on the 2nd of this month.


Investors held onto their holdings through the holiday without much concern, especially in thematic sectors such as AI, robotics, chips, and biotechnology. However, caution is advised for newly listed stocks, as many have seen significant price drops after their lock-up periods expired. Recent global fund flows indicate increased investor interest in stocks, particularly in the past two weeks, with many buying on dips during market corrections. Hong Kong stocks are expected to perform well after the holiday, offering opportunities to buy at lower levels and anticipate a rebound after the New Year.


European stock markets, including those in the UK, France, and Germany, remain closed.


US stocks reopened after the Christmas holiday, consolidating at high levels on Friday (26th). The Dow Jones opened 18 points lower but initially rose 50 points before falling as much as 142 points to a low of 48,589. The S&P 500 rose 0.2% to a record high of 6945 before softening, while the tech-heavy Nasdaq fell as much as 0.19%.


At the close of trading in the US, the Dow Jones Industrial Average fell 20 points, or 0.04%, to 48,710; the S&P 500 retreated 2 points, or 0.03%, to 6,929; and the Nasdaq Composite edged down 20 points, or 0.09%, to 23,593.


The US dollar was mixed, with the dollar index initially falling 0.12% to 97.859 before stabilizing. The Japanese yen fell 0.6%, hitting a low of 156.74 against the dollar. Bitcoin rose as much as 1.8%, reaching a high of $89,480, before turning lower. Gold prices continued their upward trend, with spot gold rising as much as 1.58% to a high of $4,550.12 per ounce, marking its 52nd record high this year.

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