U.S. stocks rebounded and market risk appetite warmed up. The Hang Seng Index (HSI) rebounded and rose 2.71% on Thursday. The short-term or continued upward momentum will test 20,000 points. If it breaks through, it will usher in greater upside space.
Hang Seng Index (HSI) rose 2.71%, Hang Seng Technology Index rose 4.61%
U.S. data overnight showed that the Conference Board consumer confidence index recorded 108.3 in December, stronger than the expected value of 101, the highest since April 2022. The annualized monthly rate of existing home sales in November was -7.7%, worse than the expected -5.4%. Despite the mixed data, the U.S. stock market rebounded significantly on Wednesday, with the S&P 500 up 1.49%, the Dow Jones up 1.6% and the Nasdaq up 1.54%.
Affected by the positive impact of U.S. stocks, Hong Kong’s Hang Seng Index (HSI) gapped and opened 1.97% higher on Thursday, and then fluctuated upwards. It rose as high as 3% during the session and rose 2.71% at the close. The Hang Seng Technology Index closed up 4.61% on Thursday. On December 22, the net inflow of funds into the Hong Kong stock market through Hong Kong Stock Connect was 2.472 billion yuan, and the net purchase was 773 million yuan.
On Thursday, 74 stocks in the Hang Seng Index rose and 2 fell. The top three constituent stocks with the best performance and their gains were: Haidilao rose 7.61%; Li Ning rose 7.39%; Meituan rose 6.89%. The top three constituent stocks with lower performance and their changes were as follows: AIA fell 0.47%; CNOOC fell 0.1%; ENN Energy rose 0.09%. The main heavyweights performed as follows: Tencent Holdings rose 4.12%; Alibaba rose 4.08%; Meituan rose 6.89%.
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Hang Seng Index (HSI) Trend Technical Analysis
The daily chart shows that the Hang Seng Index (HSI) has stood firmly in the intensive support area near the 20-day moving average and launched a big rebound. Now it has broken through the 19,500 line, and may further strengthen to point to 20,000 points. If it breaks through this mark, it may usher in greater room for growth. And if it falls back, it is expected that the gap below 19200-19500 will provide support, and the stronger support will still be the upward trend line since November and the 20-day moving average. (Follow the author on Twitter @Legen_DailyFX )
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