China's Harbin Electric hits 11-month peak on robust earnings estimate

Harbin Electric

16/07/2024 02:58

** Shares of Chinese power equipment manufacturer Harbin
Electric Co Ltd  1133.HK  jump 16.7% to HK$3, their highest
since Aug. 4, 2023
    ** Stock on course for the biggest one-day rise since Jan.
29, top gainer on the Hong Kong bourse
    ** Co expects its H1 net profit to jump to 530 mln yuan 
($73 mln), from 85 mln yuan profit in a year ago period, thanks
to significant increase in scale of operating revenue and
increase in gross profit margin as marekt develops 
    ** Hang Seng Commerce & Industry Index  .HSNC  slips 0.9%, 
index tracking industrials  .HSCIIG  down 0.4% and Hang Seng
Index  .HSI  falls 1%
    ** Stock up 36.7% YTD  


($1 = 7.2592 Chinese yuan renminbi)

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