Last Friday,usdt trc20 coinbase the Hang Seng Index opened lower and initially weakened to 18886.43 points before rebounding. It then rose to 19169.75 points at 10:25 before pulling back. The index's high and low levels were reached within the first hour of trading. In the afternoon, the index softened to the level of 18940 before another rebound. The daily fluctuation was 283.32 points with a turnover of 76.623 billion yuan. The Hang Seng Index, HSCI, and HSCEI rose by 0.78%, 0.8%, and 1% respectively.

SenseTime (0020) announced that Taobao Holding, a subsidiary of Alibaba Group, has completed the sale of its Class B shares. SenseTime's stock price initially rose over 8%, but at the close of trading, it only increased by 1.78%. The transaction amount was 2.857 billion yuan, making it the fourth largest traded share of the day. Alibaba (9988) rose by 2.01% and was a major driving force behind the index.

The Hang Seng Index closed with a bullish candle, forming a favorable pattern known as "breaking foot and head" if combined with the trend of the previous trading day, and it regained the 20-day simple moving average (SMA). The MACD histogram slightly expanded on the bullish side. There were 820 advancing stocks and 738 declining stocks throughout the day, indicating a generally positive market sentiment.

Investors are focused on the Federal Reserve's interest rate decision on July 26th. According to CME data, there is a 99.8% chance that the authorities will raise rates by 25 basis points to a range of 525-550 basis points. The three major US stock indices have shown individual developments.

Night session and ADR decline, expected Hang Seng Index to open lower, support reference 20 SMA (approximately 18966). If it can hold, the index is expected to rebound.

Jiangxi Copper Corporation Limited (0358) is primarily engaged in the extraction, smelting, and processing of copper, as well as the extraction and processing of precious metals and rare earth metals. It also operates in the field of sulfuration industry, as well as finance and trade sectors. The company has established a complete industrial chain encompassing exploration, mining, ore dressing, smelting, and processing in the copper and related non-ferrous metal industries, making it an important production base for copper, gold, silver, and sulfuration industry in China.

In the first quarter of 2023, the group's operating income was CNY 127.733 billion, representing a year-on-year increase of 4.57%. The net profit attributable to shareholders of the listed company was CNY 1.755 billion, up 19.1% compared to the same period last year. The net profit attributable to shareholders of the listed company, excluding non-recurring gains and losses, was CNY 1.696 billion, a decrease of 3.55% compared to the same period last year. In addition, the group has obtained approval from the Shenzhen Stock Exchange Listing Review Committee for the application of the subsidiary Jiangtong Copper Foil's initial public offering (IPO) and listing on the GEM board.

On the other hand, it is widely believed that the marginal easing by the US Federal Reserve and the domestic economic recovery in 2023 will reverse the downturn in the non-ferrous metal industry. Although the strength of the domestic economic recovery in the first half of the year and the pace of the Fed's interest rate hike slowdown were below expectations, the direction of the domestic economic recovery and the end of the Fed's interest rate hikes is clear. Despite setbacks, the cycle will eventually arrive. In the second half of 2023, with the continued recovery of the domestic economy and the likely end of interest rate hikes by the Fed, the non-ferrous metal industry may reach a turning point in performance and industry prosperity. It is also expected that the group will benefit from this.

The group's stock price has recently improved and there are signals in the financial technology system. The group is valued at the industry average level. If valued at a P/E ratio of 7, the group's target price would be RMB 13.6.

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.