Sinopec's H-shares fall to near 6-week low after Q3 profit halves

Citi Trends

29/10/2024 03:23

** Hong Kong-listed shares of Sinopec  0386.HK  fall 3.3% to
HK$4.36, their lowest since Sept. 19
    ** Stock on course for fourth straight session of decline;
second biggest-loser in Hang Seng Index  .HSI  and Hang Seng
China Enterprises Index  .HSCE , which are up 0.8% and 0.9%,
respectively 
    ** The Chinese refiner posted a 52.1% year-on-year decline
in net profit to 8.54 bln yuan ($1.2 bln) for the third quarter,
due to lower oil prices and weak refining margins
    ** Citi maintains "Buy" on the stock, saying Q3 broadly in
line but see limited QoQ pickup for core downstream
profitability into Q4 due to low seasonality 
    ** Shanghai stock  600028.SS  falls 3% to 6.25 yuan 
    ** In China, the blue-chip CSI 300 Index  .CSI300  and the
Shanghai Composite Index  .SSEC  both slip 0.1%
    ** In Hong Kong, the Hang Seng Composite Index tracking
energy stocks  .HSCIE  falls 1.5%, and Hang Seng Mainland Oil &
Gas Index  .HSMOGI  declines 1.8%


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