China's Harbin Electric jumps most in 5 weeks on expected results turnaround

Harbin Electric

07/02/2023 05:43

** Shares of China's large scale power equipment
manufacturer Harbin Electric Co Ltd  1133.HK  jump as much as
12.4% to HK$4.16, and on track for the biggest daily pct rise
since Jan. 3, if gains hold
    ** Stock hits highest since Jan. 30  
    ** The Heilongjiang-based company expects to post a net
profit of 100 mln yuan ($14.74 mln) for 2022, as compared to
4.14 bln yuan loss in the previous year, as it strengthened
control on projects and raw material costs  
    ** The Hang Seng Commerce & Industry Index  .HSNC  rises
1.1% while the Hang Seng Composite Index on industrials
 .HSCIIG  slips 0.1%
    ** The Hang Seng Composite Index  .HSCI  and the Hang Seng
Index  .HSI  both climb 0.7%
($1 = 6.7846 Chinese yuan renminbi)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))