Golden Finance News | Hang Seng Index closed at 20,599 on Monday (28th), up 9 points or 0.04%. The total market turnover for the day was 136.3 billion yuan. The H-share index closed at 7,391, up 0.1%; the Red Chip Index rose by 0.8% to 4,574. According to mainland media, the China Iron and Steel Industry Association will accelerate research and promote the capacity governance and joint reorganization of the steel industry, leading to a surge in steel stocks. Chonggang (01053) surged 31%; Innovent Bio (01801) subsidiary Fortvita, issued $20.5 million preferred shares to the group's executive directors' joint venture company, resulting in a 12.5% plunge in Innovent's stock price.

Dow Jones closed at 42,387 on Monday (28th), up 273 points or 0.65%; S&P 500 rose by 0.27% to 5,823 points; Nasdaq increased by 0.26% to 18,567 points; the Golden Dragon Index reflecting the performance of Chinese concept stocks saw a sharp increase of 4.05%. European stocks were mixed, with UK and German stocks rising by 0.45% and 0.35% respectively, while French stocks performed well with a 0.79% increase. BP plc and Shell shares both plunged by 1.4%, Philips lowered its full-year revenue forecast, resulting in a 16.9% stock price slump. Approximately 42% of the market cap of the S&P 500 component companies announced their performance this week, including heavyweights from the technology sector. Apple and Alphabet's stock prices both rose by 0.9%. Concerns about McDonald's food safety gradually faded, leading to a 1.4% increase in its stock price. Boeing announced a fundraising of $19 billion to avoid credit rating downgrades and address challenges such as strikes, causing a 2.8% decline in its stock price, making it the largest decliner among Dow component stocks. Asian stock markets were mixed this morning (29th), with the Nikkei 225 index currently at 38,660 points, up 54 points or 0.14%. The South Korean conglomerates index is currently at 2,602 points, down 9 points or 0.36%. Investors remain cautious amidst the intense atmosphere of the US election, holding back the Hong Kong stock market.

Market Focus: Alibaba-W (09988)

Alibaba is the world's largest online and mobile commerce company, operating China's online marketplaces, including Taobao (consumer-to-consumer) and Tmall (business-to-consumer). The group underwent a primary dual listing in early September and was subsequently included in the Hong Kong Stock Connect program, reflecting how the dual listing structure has helped companies effectively access Mainland China's funding pool and improve liquidity. The group has consistently shown positive performance, achieving a revenue growth rate of 3.88% as of June 30, 2024. With the November 11 shopping festival-related activities underway and the effect of trade-ins, the group is optimistic about the continuous increase in profits and overall income.

Target price $118, stop loss price $90.

(The author is a licensed person of the China Securities Regulatory Commission and does not hold any of the above stocks.)

Author: Dr. Tang Shengxing, Chairman of the Hong Kong Stock Analysts Association.