Daily Investment Strategy
Hang Seng Index rose 81 points on Thursday
The Hang Seng Index rose 81 points or 0.5% to 15,566 on Thursday. HSTECH rose 60 points or 2.0% to 3,065 and HSCEI rose 29 points or 0.6% to 5,223. Daily market turnover was HK$94.9bn.
Dow resumes record run as dip buyers pile into tech
The Dow closed higher on Thursday, hitting a new high, as a Federal Reserve-led sell-off the day before attracted dip buying in technology stocks ahead of non-farm payrolls data due on Friday. The Dow Jones Industrial Average rose 369 points, or 1%, to close at 38,519.84 points, a record high. The S&P 500 rose 1.2% and the Nasdaq gained 1.3%. Shares of Amazon and Facebook parent Meta Platforms surged in after-hours trading Thursday after the company reported quarterly results that topped Wall Street expectations. Semiconductor stocks edged higher, but Qualcomm shares fell nearly 5%, curbing gains in the sector as investors worried about a maturing 5G smartphone market and declining market share, which weighed on the stock market. Fitness company Peloton Interactive reported a poor outlook for revenue and free cash flow, sending its shares down 24%. Royal Caribbean Cruises gave up early gains to end just below flat even as it reported quarterly results and guidance that beat Wall Street expectations on strong demand for cruise vacations. Merck reported better-than-expected fourth-quarter results and strong sales of its cancer immunotherapy Keytruda, now the world's largest-selling prescription drug. The company's stock price rose more than 4%.
Jobless claims rise
In the week ended January 27, initial jobless claims rose to 224,000 in the week ended Jan. 27, higher than the upwardly revised 215,000, the highest level since mid-November last year. The next day, the United States will release non-farm payroll data, which is expected to show a decline in the number of new jobs created last month.
Hong Kong Stock Connect had a net outflow of HK$1.34bn on Thursday, of which CNOOC (883) had the largest net inflow, reaching HK$0.19bn; followed by Shenhua (1088). Tencent (700) recorded the largest net outflow at HK$0.40bn, followed by Meituan (3690).
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