Steel products maker China Oriental at over 2-year low on weak H1 forecast

China Oriental

07/08/2019 04:24

** Shares of China Oriental Group Co Ltd  0581.HK  fall as
much as 6.9% to HK$3.11, their lowest since July 2017, after the
Chinese iron and steel products maker forecast sharp fall in
first-half profit
    ** Stock on track for 4th consecutive session of fall
    ** Co expects H1 profit to fall 35-55% from a year ago 
period amid an increase in production cost due to rising raw
materials prices, and a decrease in sales volume on policies of
production restriction with notable decrease in gross profit
 urn:newsml:reuters.com:*:nFWN2520F3
    ** Stock down 27.2% this year as of Tuesday's close 
    ** China Oriental has underperformed the Hang Seng Commerce
& Industry Index sector  .HSNC  by 15.9 percentage points in the
past one month
    ** The Hang Seng China enterprises index  .HSCE  falls 1%,
while the benchmark index  .HSI  eases 0.8% on Wednesday
    

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