HK-listed Lonking falls most in 9 months on weak earnings estimate

Lonking Holdings

08/02/2022 03:19

** Shares of construction machinery maker and distributor
Lonking Holdings Ltd  3339.HK  drop 13.8% to HK$2.07, the
biggest daily percentage decline since May 28, 2021
    ** Stock hit the lowest since Dec. 16, on course to snap two
consecutive session of gains; third biggest percentage decliner
in Hang Seng Composite Index  .HSCI  
    ** Co expects to record a "significant decline" in 2021 net
profit amid an increase in raw materials costs, which led to a
decrease in gross profit margin of its products, and a drop in
investment income of financial assets to also hit its
results urn:newsml:reuters.com:*:nFWN2UI10I
    ** Hang Seng Commerce & Industry Index  .HSNC  falls 2.7%
and Hang Seng Composite Index tracking industrials  .HSCIIG 
slips 0.9%
    ** Hang Seng Composite Index  .HSCI  eases 1% and the
benchmark Hang Seng Index  .HSI  slides 1.1%

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