TheMeme coin price today Hang Seng Index opened lower on Wednesday, showing a slightly weak trend in the morning session. It stabilized after dropping to 19,245.66 points at 11:31. The Hang Seng Index improved after 13:45 but faced resistance before rebounding to the 19,400 level. The daily trading range was only 158.84 points with a turnover of HKD 87.492 billion. The Hang Seng Index, H-Share Index, and Hang Seng Tech Index dropped by 0.36%, 0.83%, and 0.91% respectively.

According to a major bank report, Macau's total gambling revenue reached MOP 11.9 billion on the first 23 days of July. The average daily gambling revenue last week was approximately MOP 521 million, which was 6% higher than the average of the previous week. Sands China (1928) and Galaxy Entertainment (0027) rose by 3.737% and 2.154% respectively, both performing well as blue-chip stocks. In addition, Tencent (0669) and HSBC (0005) rose by 2.367% and 0.233% respectively, contributing a total increase of 20.286 points to the Hang Seng Index. This is one of the reasons why the Hang Seng Index had a smaller decline compared to the CSI 300 Index and Hang Seng Tech Index.

The Hang Seng Index closed with a bullish candlestick resembling a "spinning top," indicating relatively long lower shadows and some support around the 200 SMA and 250 SMA levels (approximately 19,300). When considering the trend of the previous trading day, it forms a potential "pregnant with possibilities" pattern. There were 752 advancing stocks and 877 declining stocks throughout the day, suggesting a slightly weak overall market condition. The MACD divergence is widening, diverging from the index, indicating a continued favorable trend for the Hang Seng Index.

The Federal Reserve, as expected, raised interest rates by 0.25 basis points, increasing the target range for the federal funds rate to 5.25 basis points to 5.5 basis points. This marks the 11th rate hike since March last year. In the post-meeting statement, it was mentioned that recent indicators have shown that economic activity has been expanding at a moderate pace, with strong job growth and low unemployment rates. However, inflation remains elevated, and the Federal Open Market Committee (FOMC) continues to closely monitor inflation risks, committed to achieving the 2% inflation target. Fed Chair Powell stated that there may be another rate hike or maintaining rates at the September meeting, emphasizing that there will be no rate cuts this year and that the decision to cut rates will depend on the level and pace of inflation decline.

The three major U.S. stock indices rose initially before turning soft, with individual developments at the close. Although the Dow Jones Industrial Average (DJIA) has risen for 13 consecutive days, the Nasdaq Composite and S&P 500 declined.

Overnight futures and American Depositary Receipts (ADRs) increased, suggesting a potential higher opening for the Hang Seng Index (HSI), with resistance seen around the 100-day Simple Moving Average (SMA) at approximately 19,580. If unable to break above, the index may reverse and turn soft.

China Unicom (0762) is primarily engaged in providing integrated telecommunications services.

The group consistently implements the new development concept, builds a new development pattern through service, promotes high-quality development, and focuses on the construction of a "strong network country, digital China, and smart society." It adheres to the company's "1+9+3" strategic planning system as the main line of work, focusing on the five major responsibilities of "broad connectivity, large-scale computing, big data, major applications, and cybersecurity." It strives to become the main driving force behind the digital economy and sets sail for a new future in the digital economy.

As of June 2023, the total number of "Great Connection" users reached approximately 928 million households, the total number of 5G plan users reached approximately 232 million households, and the cumulative number of IoT terminal connections reached approximately 443 million households. There are 5,816 customers for 5G industry virtual private network services. The problem-solving rate of smart customer service for the month was 97.0%, and the proportion of intelligent services provided by smart customer service for the month was 83.4%. The cumulative number of authorized patents this year is 1,326.

On the other hand, the Group recently signed a strategic cooperation agreement with Midea Group, aiming to further leverage their respective strengths in areas such as 5G+ smart homes, smart buildings, and information and communication services to carry out deep cooperation. It is expected that the cooperation will benefit the development of the Group's business.

The group's stock price has recently been trending upwards, and there are signals in the financial technology system. The group's valuation is relatively low and worth paying attention to. With a valuation based on a price-to-earnings ratio of 9.6, the target price is 5.8.