Daily Investment Strategy
Hang Seng Index rose 173 points on Thursday
The Hang Seng Index rose 173 points or 1.1% to 16,402 on Thursday. HSTECH rose 12 points or 0.3% to 3,698 and HSCEI rose 22 points or 0.4% to 5,573. Daily market turnover was HK$102.2bn.
Dow closes at record high, post-Fed meeting rally continues
The Dow closed at a record high for a second day in a row on Thursday, as a rebound after the Federal Reserve raised interest rates continued to push stocks higher, even as some expressed concern that the recent gains were too big, too fast. The Dow Jones Industrial Average closed at a new all-time high, rising 158 points, or 0.43%, to 37,248.35 points. The S&P 500 rose 0.26% to close at 4,719.55 points, and the Nasdaq rose 0.19% to close at 14,761.56 points. Shares of Adobe Systems fell 7% after the computer software company issued conservative profit and revenue forecasts for 2024. Moderna shares rose more than 9% after positive experimental results for an RNA cancer vaccine developed in partnership with Merck. Rivian Automotive shares rose more than 13% after the electric-vehicle maker struck a deal with AT&T to supply commercial vans and R1 vehicles to AT&T as part of a pilot program. Occidental Petroleum rose nearly 3%, supporting the energy sector as a whole, as Warren Buffett's Berkshire Hathaway acquired nearly 10.5 million shares of the oil giant for about $588.7 million.
Jobless claims lower than expected, but retail sales unexpectedly rise
The number of people applying for unemployment benefits fell by a seasonally adjusted 19,000 to 202,000 in the week ended December 9. However, although this number is lower than economists expected, some still believe that the labor market will suffer substantial weakness in the future. However, consumers continue to show strength, with U.S. retail sales unexpectedly rising 0.3% from the previous month in November, and the holiday shopping season getting off to a brisk start.
Hong Kong Stock Connect had a net outflow of HK$9.69bn on Thursday, of which CNOOC (883) had the largest net inflow, reaching HK$0.11bn; followed by China Mobile (941). Tracker Fund (2800) recorded the largest net outflow at HK$6.6bn, followed by CSOP HS TECH (3033).
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