HK-listed HKBN hits all-time low on weak results forecast

HKBN

09/10/2023 07:54

** Shares of information and communications technology (ICT)
services provider HKBN Ltd  1310.HK  drop as much as 11.4% to
HK$2.79, their lowest since debut in March 2015
    ** Stock set for the biggest one-day pct decline since Sept
18 if losses hold
    ** Stock biggest pct loser in Hang Seng Composite Index on
telecommunication stocks  .HSCIT  and third-biggest pct decliner
in Hang Seng Composite Index  .HSCI  
    ** Co expects to record consolidated net loss of HK$1.3 bln
($166.03 mln) for fiscal year ended August 2023, compared with
HK$553 mln profit in 2022, amid an increase in cost and
recognition of impairment losses on goodwill
    ** Hang Seng Composite Index tracking telecommunication
stocks  .HSCIT  gains 0.9%, while Hang Seng Composite Index
 .HSCI  and Hang Seng Index  .HSI  up 0.7% each



($1 = 7.8301 Hong Kong dollars)

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