HK-listed GCL Technology rises on share buybacks

GCL Technology Holdings

13/06/2023 07:52

** Shares of GCL Technology Holdings Ltd  3800.HK  rise as
much as 5.2% to HK$1.61, their highest since June 6 
    ** Stock set to extend gains for a second session, if trend
holds
    ** Stock marks the biggest intraday pct rise since April 17,
and is third-biggest pct gainer in Hang Seng Composite Index on
industrial stocks  .HSCIIG  
    ** The Chinese wafer and solar materials manufacturer says
it has bought back 5 mln shares for HK$7.6 mln ($969,969) on
Monday and may buy back more shares to reflect its confidence in
the long-term strategy and growth 
    ** Co says the current market price of the shares are
undervalued 
    ** Hang Seng Commerce & Industry Index  .HSNC  rises 1.3%,
Hang Seng Composite Index on industrial stocks  .HSCIIG  adds
1.4%, and Hang Seng Index  .HSI  climbs 0.8%
    ** As of last close, stock down 22.7% this year
   ($1 = 7.8353 Hong Kong dollars)

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