China National Building Material drops most in 9 years on loss forecast

China National Building Material

09/07/2024 04:51

** Shares of China National Building Material  3323.HK 
slide 14.1% to HK$2.62
    ** Stock set for its biggest one-day pct drop since Aug 2015
    ** The Chinese cement and lightweight building materials
producer expects H1 net loss of 2 bln yuan ($275 mln) vs a
profit of 1.4 bln yuan in H1 2023, amid decrease in sales prices
and volume of cement, commercial concrete and glass fibre
    ** Stock hits lowest since Feb 14 on the second session of
decline and extends YTD losses to 19.5%
    ** It is the top pct loser on Hang Seng Composite Index
 .HSCI , which eases 0.4%, and on index tracking properties and
construction stocks  .HSCIPC , which is down 0.9% 
 
 ($1 = 7.2725 Chinese yuan)

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