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Hang Seng Index is currently in a consolidation phase, with resistance at the 10-day moving average

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TheHow much is 0 Dogecoin worth in dollars? Hang Seng Index opened higher on Tuesday, but softened to 18,573.67 points before rebounding in the early stage. It rose to 18,806.65 points in the afternoon and then retreated. The daily fluctuation was 232.88 points, with a trading volume of 83.909 billion yuan. The Hang Seng Index, Shanghai Composite Index, and Hang Seng China Enterprises Index rose by 0.97%, 0.97%, and 1.47% respectively.




According to the latest data released by the China Association of Automobile Manufacturers (CAAM), the cumulative retail sales of passenger vehicles in the domestic market from January to June 2023 reached approximately 9.524 million units, representing a year-on-year growth of 2.7%. In June, the retail sales of passenger vehicles in the domestic market were approximately 1.894 million units, showing a month-on-month increase of 8.7%. This news has driven the positive performance of new energy vehicles, with NIO (9866) and XPeng (9868) recording gains of 11.799% and 8.895%, respectively, making them the top-performing constituents of the Hang Seng Tech Index.




The Hang Seng Index closed with a "doji" candlestick, forming a potential "cross formation" pattern when combined with the previous day's trend. The bearish divergence of MACD narrowed. There were 964 advancing stocks and 620 declining stocks throughout the day, indicating a generally positive market sentiment.




In the first half of the year, mainland China's newly added RMB loans amounted to 15.73 trillion yuan, an increase of 2.02 trillion yuan compared to the previous year. In June alone, there was an additional 3.05 trillion yuan in RMB loans, a year-on-year increase of 229.6 billion yuan, far exceeding market expectations. These data are expected to benefit sectors such as domestic banks, real estate, and domestic demand.




Several officials of the Federal Reserve indicated that it may be necessary to raise interest rates further to curb inflation, but the current tightening cycle in monetary policy may be nearing its end. Investors anticipate the conclusion of the rate-hiking cycle, as indicated by CME data, with expectations of an increase to 525-550 basis points on July 26th, and the interest rate level expected to remain unchanged until the end of January 2024, followed by a subsequent rate cut.




The three major US stock indices are trending upward, with futures and ADRs rising. It is expected that the Hang Seng Index will also perform well, with resistance levels around the 10-day Simple Moving Average (approximately 18,889).







individual stock

China National Machinery Industry Corporation (1157) is primarily engaged in the research, development, manufacturing, sales, and services of construction machinery and agricultural machinery. Construction machinery includes concrete machinery, lifting machinery, earthmoving and construction machinery, pile driving machinery, aerial work machinery, firefighting machinery, mining machinery, forklifts, and more.




The group recently announced plans to spin off its subsidiary, Zoomlion High-Tech Machinery, and merge it with the listed company on the Shenzhen Stock Exchange, RoadKing Technologies. RoadKing Technologies will acquire 100% equity of Zoomlion High-Tech Machinery for a total of 9.424 billion Chinese Yuan. After the completion of this transaction, Zoomlion High-Tech Machinery will become a wholly-owned subsidiary of RoadKing Technologies, while Zoomlion Heavy Industry Science & Technology Co., Ltd. will remain the controlling shareholder of RoadKing Technologies.




Zhenlian High Machinery is mainly engaged in the research and development, production, sales, and service of high-altitude operation machinery. The main products include scissor-type, straight-arm-type, and articulated-arm-type high-altitude operation machinery products. Zhenlian High Machinery will become a wholly-owned subsidiary of Luchang Technology, while Luchang Technology will remain a subsidiary of the group. The spin-off plan will not have a substantial impact on the continued operation of other business segments of the group and will not harm its independent listing status and sustained profitability.




The group's stock price has recently been trending upwards, with signals appearing in the financial technology system. The group is estimated to have a relatively low valuation compared to its peers. If valued at a P/E ratio of 14, the target price for the group would be 4.36 yuan.




The author is a licensed individual of the Hong Kong Securities and Futures Commission and does not hold the aforementioned shares. The above article represents personal opinions.




Sam Sam, also known as Chen Zhiyong, has served as a financial institution strategist, executive officer, and board member. He has also been a senior management member of a publicly listed internet company. With years of experience in market commentary and analysis, he holds an Honors Bachelor's degree in Business Administration (Applied Economics), a Master's degree in Finance (Investment Management), and the Chartered Financial Strategist (CFC) qualification.




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