HK-listed Harbin Electric plunges most in 13 yrs after loss warning

Harbin Electric

20/01/2022 03:38

** Shares of Chinese power equipment manufacturer Harbin
Electric Co Ltd  1133.HK  plunge 24.8% to HK$2.48, the biggest
daily percentage drop since October 2008
    ** Stock sinks to the lowest since Sept. 1, on track to snap
two sessions of decline; second-biggest percentage decliner on
the Hong Kong bourse 
    ** Co expects to record up to 4.5 bln yuan loss ($709.4 mln)
for 2021, as compared to 7 mln yuan loss a year ago, amid
decreasing demand in traditional power generation equipment
industry, decreasing products price, rising raw materials cost, 
 urn:newsml:reuters.com:*:nFWN2TZ0TL
    ** Says large losses in engineering, procurement and
construction projects of overseas power stations amid rising
labor and construction costs also hit its results 
    ** The Hang Seng Commerce & Industry Index  .HSNC  rises
2.9% while Hang Seng Composite Index tracking industrials
 .HSCIIG  slips 0.3%
    ** The Hang Seng China Enterprises Index  .HSCE  jumps 2.6%
and Hang Seng Index  .HSI  rises 2.2%

($1 = 6.3435 Chinese yuan)

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