Aluminum group China Hongqiao drops most in over 4 months on weak outlook

China Hongqiao

06/02/2023 03:30

** Shares of aluminum products manufacturer China Hongqiao
Group Ltd  1378.HK  fall as much as 7.4% to HK$8.22
    ** Stock on track for its biggest daily pct decline since
Sept. 28, if losses hold
    ** Stock hit the lowest since Jan. 12 on its third straight
session of fall; third biggest pct loser in Hang Seng Index
 .HSI  and Hang Seng Commerce & Industry Index  .HSNC 
    ** Shandong-based company expects 2022 net profit to drop
40% y-o-y due to lower gross profit amid high raw materials cost
 urn:newsml:reuters.com:*:nFWN34J3SH
    ** Co says provision for a large exchange loss amid
significant depreciation of yuan also hit earnings
    ** The Hang Seng Commerce & Industry Index  .HSNC  drops 3%
and the material index  .HSCIM  plunges 4.5%
    ** The Hang Seng Composite Index  .HSCI  declines 2.3% and
the Hang Seng Index  .HSI  falls 2.1%
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))