TheIs pi Coin listed in Binance? Hang Seng Index opened lower last Friday and experienced fluctuations before rebounding from a low of 18279.73 points. Around noon, foreign reports quoted sources saying that Chinese regulatory authorities are expected to announce fines on Ant Group soon, and the related penalties were also announced after the market closed as anticipated. This suggests that the "Ant incident" is likely to be resolved, leading to a rise in Alibaba (9988) shares in the afternoon and driving the Hang Seng Index higher. It reached a peak of 18537.75 points at 13:22 but softened as Alibaba lost momentum. The Hang Seng Index had a daily range of 258.02 points with a total trading volume of 99.456 billion yuan. The Hang Seng Index, China Enterprises Index, and Hang Seng TECH Index fell by 0.9%, 1.11%, and 1.21% respectively.

The Hang Seng Index fell to its lowest level since June 2nd, eventually closing with a bearish "spinning top" candlestick pattern, marking a three-day decline. The closing level breached the support level of the previous low and indicated oversold conditions. The MACD bearish divergence expanded, with 565 stocks rising and 1005 stocks falling throughout the day, suggesting overall market weakness.

The Hong Kong Monetary Authority (HKMA) announced three measures to adjust the countercyclical macroprudential supervisory framework for property mortgage loans. The measures are as follows: 1) Adjusting the maximum loan-to-value ratio (LTV) for self-use residential properties. For residential properties valued at HKD 15 million or below, the maximum LTV can be up to 70%. For residential properties valued above HKD 15 million up to HKD 30 million, the maximum LTV is increased to 60%. 2) Adjusting the maximum LTV for non-residential properties, including office buildings, factory buildings, and shops, from the current 50% to 60%. 3) Relaxing the maximum LTV ratio for property mortgage loans based on asset levels as an approval basis. Whether it is a residential or non-residential property, the maximum LTV will be increased from the current 40% to 50%. These measures are expected to benefit the real estate sector.

In June, the US non-farm payrolls added 209,000 jobs, the lowest in two and a half years, falling below expectations. However, wage growth remained strong, intensifying concerns in the market that the Federal Reserve will pursue aggressive interest rate hikes to tackle inflation. The three major US stock indices are trending downward.

Night session and ADR are up, expecting Hang Seng Index to open higher with resistance at the 18600 level. In addition, Mainland China will release June CPI at 9:30, expected to be 0.2%; also releasing June PPI, expected to be -5%. The data is expected to add uncertainty to the market situation.

China COSCO Shipping Energy Transportation Co., Ltd. (1138) primarily engages in investment holdings and/or the transportation of oil products along the Chinese coastal and international routes, and/or vessel leasing.

The group announced earlier that it expects its attributable net profit to shareholders for the interim period ending June 2023 to be approximately RMB 2.65 billion (equivalent to approximately HKD 2.88 billion), representing a year-on-year increase of about RMB 2.473 billion or approximately 1397.2%. The improvement in performance is attributed to strong performance in the international oil shipping market due to significant fluctuations in freight rates during the first half of 2023. According to data from the Baltic Exchange, the average daily Time Charter Equivalent (TCE) earnings for Very Large Crude Carriers (VLCCs) on the Middle East-China route (TD3C) was $43,147 per day in the period from January to June 2023, an increase of approximately 562% compared to the same period last year. The rise in VLCC rates during the first half of 2023 was primarily driven by increased Chinese oil demand and contributions from long-haul routes such as the U.S. Gulf and Brazilian exports. The group's ability to analyze market trends, strategically position its global fleet, and seize transaction opportunities in regional markets has resulted in overall fleet revenue growth.

After Yingxi's announcement, major banks pointed out that group subsidiaries benefited from the lagged effect of strong Very Large Crude Carrier (VLCC) freight rates in March this year, coupled with lower fuel costs, which helped improve profitability in the domestic tanker sector.

The group's stock price has recently been trending upward, and there are signals of its presence in the financial technology system. The group is valued at a high level compared to its peers. Based on the expectation of fast profit growth, if valued at a price-to-earnings ratio of 26, the target price for the group is 8.93 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.