Daily Investment Strategy
HSI fell 70 points on Tuesday
The Hang Seng Index fell 70 points or 0.4% to 18,025 on Tuesday. HSTECH fell 19 points or 0.5% to 4,063 and HSCEI fell 38 points or 0.6% to 6,260. Daily market turnover was HK$84.1bn.
Apple shares fell on Tuesday, and the Nasdaq closed down 1%
The Nasdaq fell on Tuesday, with Oracle shares plunging on disappointing results and technology stocks under pressure. The Nasdaq fell 1.04% to 13,773.61, its first decline in three consecutive days. The S&P 500 fell 0.57% to 4,461.90 points. Meanwhile, the Dow Jones Industrial Average fell 17.73 points, or 0.05%, to 34,645.99. Oracle shares had their worst day since 2002. The software stock was the worst performer on the S&P 500, down 13.5%, after its sales fell short of expectations last quarter and its revenue forecast also disappointed. Apple's launch of the iPhone 15 and new Apple series 9 watches largely met Wall Street expectations, but some were surprised that Apple kept the price of its iPhone Pro models at $999 instead of raising them.
Oil prices rise to near 10-month high as OPEC expects tight supply
Oil prices rose about 2% on Tuesday to nearly 10-month highs as the supply outlook tightened. OPEC also expressed optimism about energy demand in major economies, sticking to its forecast of strong growth in global oil demand in 2023 and 2024, citing reasons there are signs that growth in major economies is stronger than expected. OPEC's monthly report predicts that world oil demand will increase by 2.25 million barrels per day (bpd) in 2024.
Hong Kong Stock Connect had a net inflow of HK$6.7bn on Tuesday, of which Tracker Fund (2800) had the largest net inflow, reaching HK$2.2bn; followed by Innovent Bio (1801). CNOOC (883) recorded the largest net outflow at HK$0.24bn, followed by Tencent (700).
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