HK shares of China Oriental climb on steel products maker's plans to expand production

China Oriental

05/09/2019 03:42

** Shares of iron and steel products maker China Oriental
Group Co Ltd  0581.HK  rise as much as 7.8% to HK$3.04, after
three consecutive sessions of decline
    ** Co says it has entered into an investment agreement with
the Fangchenggang City government for building a manufacture
base in Fangchenggang Economic and Technological Development
Zone with investment totalling 30 bln yuan ($4.23 bln) https://bit.ly/2k5aDpu
 
    ** The project, subject to regulatory approvals, will have
an annual iron and steel production capacity of about 10 mln
tonnes, and will help expanding co's production capacity and
efficiency, it adds
    ** Stock down 38.5% this year as of Wednesday's close 
    ** China Oriental has underperformed the Hang Seng Commerce
& Industry Index sector  .HSNC  by 19.8 percentage points in the
past one month
    ** The Hong Kong Hang Seng Commerce & Industry Index  .HSNC 
climbs 0.7% on Thursday
    ** The Hang Seng China enterprises index  .HSCE  rises 1.4%,
and the benchmark index  .HSI  gains 0.4%


($1 = 7.0928 Chinese yuan renminbi)

 ((Reuters Messaging:
donny.kwok.thomsonreuters.com@reuters.net))