China BlueChemical sinks to 7-month low on weak earnings outlook

China BlueChemical

23/07/2024 03:59

** Shares of fertilizers producer China BlueChemical Ltd
 3983.HK  sink 9% to HK$1.92, their lowest since Dec 29, and on
track for a third straight session of decline
    ** Stock marks biggest intraday pct fall since June 4
    ** Co expects H1 net profit to drop to 670 mln-700 mln yuan
($92.1- $96.2 mln) from 1.72 bln yuan profit in a year-earlier
period, amid decrease in sales of urea and decline in prices of
its phosphate fertilisers, compound fertilisers and urea
    ** Hang Seng Commerce & Industry Index  .HSNC  eases 0.6%
and Hang Seng Index  .HSI  slips 0.1%
    ** Stock up 7.1% YTD  
    ($1 = 7.2735 Chinese yuan)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))