Hong Kong welcomes Alibaba

Daily Analysis - 26/11/2019

Alibaba stock 7% up after its debut in Hong Kong

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On Tuesday morning, the giant e-commerce Alibaba's Shares presented a powerful introduction after pricing its shares at approx. $22.4 each. With that Alibaba's shares became the world’s largest listing so far.

Hong Kong-listed shares climbed more than 6% near the open before scoring an immediate intraday top of 189.50 Hong Kong dollars per piece. It was about 7% over its listing value by evening.

Alibaba published 500 million new ordinary shares and also another 75 million “greenshoe” options. On Tuesday an expert analyst explained to CNBC that Alibaba’s Hong Kong listing up to now was “pretty successful.” The founder and CEO of T.H. Capital told CNBC’s “Given time ... we do believe the stock price is going to appreciate more”.

US stocks went to record close


On Monday the US stocks increased while the market resumed its positive momentum due to growing anticipations that the US and China will enter into phase one trade agreement. The Dow Jones Industrial Average registered a record close, achieving 190.84 points, to 28,066.46. The S&P 500 and Nasdaq Composite scored all-time closing tops while they increased 0.8% to 3,133.63 and 1.3% to 8,632.50, each.

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Gold down while waiting for trade war developments


On Tuesday the popular Gold dropped to a 14-day low while discussions between the United States and China increased hopes that a preliminary trade agreement could be achieved soon, depressing demand for the popular safe-haven gold. US gold futures crawled 0.2% deeper to $1,453.79. Spot gold fell 0.1% to $1,454.18 per ounce having dropped to its weakest level since Nov. 12 earlier in the session.

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Oil steady for now


On Tuesday, Oil remained constant flooding near profits from yesterday following remarks from the United States and China that supported the beliefs that the world’s two biggest economies are probably going to find a solution to end their ongoing trade dispute. Intermediate crude futures slipped 5 cents to $57.96 while Brent crude futures fell 1 cent to $63.63 after climbing 0.4% in the previous session.

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