HK-listed China Everbright hits lowest in 7 weeks on weak 2022 estimates

China Everbright

20/02/2023 05:50

** Shares of financial services provider China Everbright
Ltd  0165.HK  fall as much as 6.8% to HK$5.72, their lowest
since Jan. 3 and on track for the second session of decline
    ** Stock on course for the biggest daily pct drop since July
20, 2022 if losses hold
    ** Biggest pct decliner in Hang Seng Composite Index on
financials stocks  .HSCIF  and fifth-biggest loser in Hang Seng
Composite Index  .HSCI  
    ** Co expects to post a net loss of up to HK$7.9 bln ($1.01
bln) for 2022, compared with net profit of HK$2.77 bln in 2021,
due to loss from private equity investment projects and
impairment losses on investments amid unfavourable market
conditions 
    ** The Hang Seng Composite Index on financials stocks
 .HSCIF  and the Hang Seng Composite Index  .HSCI  both climb
0.8% while the Hang Seng Index  .HSI  gains 0.7%
($1 = 7.8315 Hong Kong dollars)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))