China's Lonking hits over 4-month peak on upbeat earnings estimates

Lonking Holdings

19/07/2023 02:58

** Shares of Chinese construction machinery distributor
Lonking Holdings Ltd  3339.HK  jump as much as 18.5% to HK$1.54,
their highest since March 3, and on course for a second session
of gain
    ** Stock set for the biggest one-day pct rise since March
2021 if gains hold; biggest pct gainer in the Hang Seng
Composite Index  .HSCI  
    ** Shanghai-based co expects its H1 net profit to amount to
282-382 mln yuan ($39.19 mln-$53.09 mln), representing an
increase of 91% to 158% from a year earlier as export income and
net gains from financial assets increase
    ** The Hong Kong Hang Seng Commerce & Industry Index  .HSNC 
falls 1.5%, while the Hang Seng Composite Index  .HSCI  and the
Hang Seng Index  .HSI  both decline 1.2%
    ** As of last close, the stock had slid 5.1% this year
($1 = 7.1951 Chinese yuan)

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