New World-backed NWS jumps most in 19 months on share buyback

CTF Services

18/05/2022 03:09

** Shares of transportation services group NWS Holdings Ltd
 0659.HK  jump 7% to HK$7.84, set for their biggest daily pct
rise since October 2020 if gains hold
    ** Stock hits highest since Feb. 23, on track for the fourth
consecutive session of gains; it is third-biggest pct gainer on
the Hang Seng Composite Index  .HSCI  
    ** NWS, backed by New World Development  0017.HK , says it
will buy back shares worth $300 mln in the open market over the
next 12 months using internal resources (https://bit.ly/3PtbyJV)
    ** Current share price is below co's intrinsic value and may
not be fully reflecting its business prospect - NWS 
    ** New World Development slides 1%
    ** The Hang Seng Commerce & Industry Index  .HSNC  falls 1%
and the Hang Seng Composite Index tracking industrials  .HSCIIG 
edges down 0.1%
    ** The Hang Seng Composite Index  .HSCI  eases 0.5% and the
benchmark Hang Seng Index  .HSI  slips 0.6%
    
    

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