China's Dongyue Group hits 2-year low on weak earnings outlook

Dongyue

15/06/2023 04:05

** Shares of Chinese chemical engineering group Dongyue
Group Ltd  0189.HK  drop as much as 21.2% to HK$5.58, their
lowest since June 2021
    ** Stock is on course for the second session of decline, if
trend holds
    ** Stock is the biggest pct loser in Hang Seng Composite
Index  .HSCI  and material index  .HSCIM  
    ** Shandong-based company says it may record a significant
decrease in net profit for six months ending in June compared
with a year-ago period amid a decrease in market prices of its
major products, change in raw material prices and drop in profit
margin
    ** Says it recorded an 83% YoY drop in net profit for first
five months of 2023
    ** The Hang Seng Commerce & Industry Index  .HSNC  rises
1.3%, while material index  .HSCIM  falls 2.8%
    ** The Hang Seng Composite Index  .HSCI  climbs 0.6% and
Hang Seng Index  .HSI  gains 0.7%
    ** As of last close, the stock fell 17.7% this year

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