Daily Investment Strategy
Hang Seng Index fell 40 points on Tuesday
The Hang Seng Index closed at 17,651 points for the day, fell 40 points or 0.2%. The Hang Seng Technology Index reported at 3,496 points, up 10 points or 0.3%. The HSCEI Index fell 8 points, or 0.1%, to 6,203 points. The market turnover was HK$79.3billion.
Dow closes 600 points lower to begin September
U.S. stocks fell sharply on Tuesday, with technology stocks struggling and new economic data reigniting concerns about the health of the economy. The Dow Jones Industrial Average fell 626.15 points, or 1.51%, to close at 40,936.93 points. The S&P 500 fell 2.12% to close at 5,528.93 points. The Nasdaq index fell 3.26% to close at 17136.30 points. All three indexes had their worst day since the global stock market selloff on August 5. Chip stocks dragged down the market, with Nvidia shares falling more than 9%. Shares of Micron Technology and Advanced Micro Devices also fell. Overall, the VanEck Semiconductor ETF (SMH) fell more than 7%. The S&P 500's information technology sector led the market lower, having its worst day since September 2022.
US Manufacturing PMI at 47.2%, lower than expected
The ISM manufacturing index came in at 47.2% for the month, up 0.4 percentage points from the July reading but below the consensus forecast. The New Orders Index remained in contraction territory, registering 44.6 percent, 2.8 percentage points lower than the 47.4 percent recorded in July. The employment index moved up slightly but was still in contraction territory at 46%.
Hong Kong Stock Connect had a net inflow of HK2.61bn on Tuesday of which CCB (939) had the largest net inflow, reaching HK$0.38bn; followed by Meituan (3690). Kuaishou (1024) recorded the largest net outflow at HK$0.19bn, followed by Ping An (2318).
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