After a lower opening on Thursday,XRP News the Hang Seng Index (HSI) showed a weak trend in the early session and dropped to 19,369.062 points at 11:06 before rebounding. It reached a level of 19,500, showing resilience. In the afternoon, the HSI pulled back and softened after rising to 19,650.16 points at 13:25. The index showed a turnaround in the downward trend after 15:00, with a daily range of 281 points. The HSI and CSI fell by 0.49% and 0.26% respectively, while the HSTECH Index rose by 0.4%.

AB InBev Asia Pacific (1876) announced its mid-year financial results for 2023, reporting revenue of $3.666 billion, a year-on-year increase of 14%. Shareholders' net profit was $575 million, a decrease of 8% compared to the previous year. AB InBev Asia Pacific's stock price fell by 4.057%, representing the largest decline among blue-chip stocks.

The HSI closed with a bullish "inverted hammer" candlestick pattern, falling below the 100 SMA and 10 SMA but managing to stay above the 200 SMA. The MACD histogram narrowed. There were 726 advancing stocks and 870 declining stocks throughout the day, indicating overall weakness in the market.

The yield on the 10-year US Treasury bond rose by nearly 4.2 basis points, the yield on the 20-year bond increased to around 4.5 basis points, and the yield on the 30-year bond rose to approximately 4.3 basis points. Investors are concerned about the potential for further interest rate increases, leading to a decline in the three major US stock indexes.

Overnight futures and American Depositary Receipts (ADRs) are up, indicating a high opening for the Hang Seng Index, with resistance levels to consider at the 100-day Simple Moving Average (SMA) of 19,541 and the 19,650 level.

Shineway Pharmaceutical (2877) is primarily engaged in the research, manufacturing, and trading of traditional Chinese medicine products.

The group recently announced a positive profit forecast, expecting a year-on-year growth of 45% to 50% in shareholders' attributable net profit for the mid-year of 2023. Based on the attributable net profit of RMB 331 million in the same period last year, the shareholders' attributable net profit for the mid-year of 2023 is projected to range between RMB 480 million and RMB 497 million. The increase in profit is attributed to an overall sales revenue growth of approximately 32% and improvements in gross profit margin and net profit margin compared to the same period last year. During the period, sales of various dosage forms increased, with injection products and traditional Chinese medicine formula granules experiencing sales growth of approximately 37% and 34%, respectively.

The group's stock price has recently improved, and there are signals in the financial technology system. The group's valuation is relatively low compared to peers and should be paid attention to. If valued at a P/E ratio of 8.7 times, the target price would be 9.33 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.