Overnight, U.S. stocks ignored the bad news and rebounded stronger. The Hang Seng Index (HSI) finished higher on Wednesday but closed higher. Technically, the Hang Seng Index remains above the mid-rail (21200) of the upward channel, and the trend outlook is still bullish.
Hang Seng Index (HSI) closed up 0.49%
US stock market rebounded overnight despite multiple negative news. Federal Reserve Chairman Powell did not comment on monetary policy and economic prospects in his speech, but Fed Governor Bowman believes that interest rates need to continue to be raised to curb inflation. At the same time, the World Bank has sharply lowered its global growth forecast, lowering its forecast for world GDP growth this year from 3.0% to 1.7%.
The three major U.S. stock indexes rebounded on Tuesday, with the S&P 500 closing up 0.7%, the Dow Jones up 0.56%, and the Nasdaq up 1.01%. The fear index VIX closed down 6.3% yesterday.
In terms of Chinese market news, data released on Tuesday showed that China’s new RMB loans in December 2022 were 1.4 trillion yuan, higher than the expected value of 1.1 trillion; M2 increased by 11.8% year-on-year, lower than the expected value of 12.2%. China’s A-share market began to struggle upwards, with the Shanghai Composite Index closing down 0.24% on Wednesday, despite hitting a near one-month high intraday.
Hong Kong’s Hang Seng Index (HSI) rose 0.62% at the opening on Wednesday, and then fluctuated upwards. The largest increase in the session was 1.66%, refreshing a high of more than half a year to 21686 points, but fell back after rising in the afternoon, and only 0.49% remained at the close. The Hang Seng Technology Index closed down 0.25% on Wednesday. On January 11, the net inflow of funds into the Hong Kong stock market through Hong Kong Stock Connect was 3.026 billion yuan, and the net purchase was 972 million yuan.
On Wednesday, 33 stocks in the Hang Seng Index rose, 40 fell, and 3 were flat. The top three constituent stocks with the best performance and their gains were: China Shenhua rose 4.73%; BYD shares rose 4.73%; CSPC rose 4.39%. The top three constituent stocks with the worst performance and their declines were: Haidilao fell 5.82%; Budweiser Asia Pacific fell 3.6%; Sands China Co., Ltd. fell 3.24%. The main heavyweights performed as follows: Tencent Holdings rose 3.15%; Alibaba rose 3.1%; China Construction Bank rose 0.0%.
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Hang Seng Index (HSI) Trend Technical Analysis
The daily chart shows that the recent rise of the Hang Seng Index (HSI) has slowed down, but the outlook for the mid-rail (21200) of the upward channel remains bullish, and upward resistance focuses on levels such as 22000 and 22500. And if it falls back and adjusts, the lower support will focus on the 21,000 to 21,200 area. If it falls below 21,000, you should be alert to the expansion of the callback space. (Follow the author on Twitter @Legen_DailyFX )
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