China's Midea jumps as Europe heatwave boosts air-con sales; rivals up

Haier Smart Home Co

Yesterday 04:31

** Hong Kong shares of Midea Group 0300.HK climb 5.8% to HK$85, on track for the biggest one-day pct gain since March 31
** Stock touches the highest point since June 22 in the second rising session
** As Europe sweats through record-breaking temperatures, Asian makers of air conditioners, like South Korea's Samsung Electronics 005930.KS, China's Midea and Japan's Mitsubishi Electric 6503.T, are enjoying a boom in sales
** "A heatwave in the final two weeks of May significantly boosted sales, particularly for the PortaSplit air conditioner, which sold out in some channels," Midea said
** Chinese rivals also rise with Gree Electric 000651.SZ gaining 2.4%, Haier Smart Home 6690.HK climbing 4%, and Hisense Home Appliances 0921.HK surging 4.5%   
** YTD, Midea Hong Kong stock down 2.4%, Shenzhen-listed shares 000333.SZ down 1.9%, benchmark Hang Seng Index .HSI down 9.9%


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