Investment 29/6/2026

On Friday, the Hang Seng Index opened 124 points lower at 22,952, falling as much as 558 points to 22,518, before closing down 405 points or 1.75% at 22,671. The Technology Index fell 150 points or 3.41% to 4,255. Total market turnover was HK$342.1 billion.


Hong Kong stocks experienced a "washout" sell-off! The Hang Seng Index fell below the first important measured downside target of 22,986 points (0.382 Fibonacci retracement level) on Friday, dropping 1,252 points or 5.24% for the week. This marks its seventh consecutive week of declines, accumulating a drop of 3,721 points or nearly 15%, matching the decline seen in July 2015. Technically, the Hang Seng Index may need to fall further to the second important measured downside target of 22,732 before a new medium-term upward trend can officially begin; further downside is limited. Therefore, if the Hang Seng Index can stabilize at its current level for two or three trading days, it should attract buying interest.


The recent continuous decline in Hong Kong stocks has four main causes: a surge of funds into the US, Japan, and South Korea for speculative trading in artificial intelligence (AI), chip, and memory stocks; a recent strengthening of the US dollar attracting funds back to the US; the overvaluation of newly listed Hong Kong stocks and the upcoming expiration of large lock-up periods; and the new cross-border investment regulations that will take effect in mainland China on July 1st, all of which have exacerbated selling pressure.


European stock markets declined across the board, with the UK, French, and German markets falling by 0.21%, 0.55%, and 1.29% respectively.


ChatGPT developer OpenAI reportedly plans to postpone its IPO to 2027, dampening investment sentiment in tech stocks. US stocks were pressured on Friday, with the Dow Jones opening 116 points lower and then widening its losses to a maximum of 305 points, reaching a low of 51,614. The S&P 500 fell as much as 0.86%, and the Nasdaq Composite dropped as much as 1.36%.


U.S. stocks closed lower. The Dow Jones Industrial Average fell 44 points, or 0.08%, to 51,876; the S&P 500 dipped 3 points, or 0.05%, to 7,354; and the Nasdaq Composite dropped 60 points, or 0.24%, to 25,297, marking its fifth consecutive day of losses and a weekly decline of 4.6%.


The U.S. dollar index initially fell 0.38% to 101.045; the euro rose 0.59% to $1.1437; and the yen gained 0.16% to 161.53 against the dollar. Bitcoin initially fell 1.87% to $58,254 before stabilizing. Spot gold prices rose as much as 1.72%, reaching a high of $4,096.06 per ounce.

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