Chinese cement group CNBM drops most in nearly 2 years on bigger loss forecast

China National Building Material

18/04/2024 03:38

** Shares of China National Building Material Co Ltd
 3323.HK  (CNBM) drop 9.6% to HK$2.73, on track for biggest
one-day pct decline since June 2022
    ** Stock hits the lowest since March 28; biggest pct loser
in the Hang Seng Composite Index  .HSCI  and in the index
tracking properties and construction stocks  .HSCIPC  
    ** CNBM says it expects an unaudited loss attributable to
equity holders of 1.3 bln yuan ($179.7 mln) for the three months
ended in March, widening from a 526 mln yuan loss in the same
period a year earlier
    ** Says the weak performance is due to a decline in sales
prices of cement, commercial concrete and glass fibre, and
increase in foreign exchange losses, among others 
    ** The Hang Seng Composite Index adds 0.8%, index tracking
properties and construction stocks climbs 0.7% and the Hang Seng
Index  .HSI  gains 0.9%
    ** CNBM shares down 16.5% YTD  
($1 = 7.2356 Chinese yuan)

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