China's Fosun Tourism hits 3-month peak on upbeat H1 outlook

Fosun Tourism

04/08/2023 04:37

** Shares of resort operator Fosun Tourism Group  1992.HK 
jump as much as 13.1% to HK$8.90, their highest since May 9, and
on course to snap four consecutive session of losses, if trend
holds 
    ** Stock marks the biggest intraday pct rise since Dec 8,
and is second-biggest pct gainer in Hang Seng Composite Index
 .HSCI  
    ** Co, which operates Club Med and others, expects its H1
net profit to be no less than 430 mln yuan ($59.90 mln), versus
a net loss of 197 mln yuan in the year-ago period, benefiting
from the worldwide easing of travel restrictions
    ** Stock of its controlling shareholder Fosun International
 0656.HK  rises 1.4%
    ** Hang Seng Commerce & Industry Index  .HSNC  rises 1.1%
while Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  gain 1% each
    ** As of last close, Fosun Tourism stock down 32% this year
    ($1 = 7.1790 Chinese yuan)

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