HK's Luk Fook eyes best day in over 7 months on robust earnings estimates

Luk Fook Holdings (International)

24/06/2022 06:41

** Shares of jewellery chain operator Luk Fook Holdings
(International) Ltd  0590.HK  jump 6.8% to HK$17.26 - set for
their biggest daily pct rise since Nov. 4, if gains hold
    ** Stock up after two consecutive sessions of losses  
    ** Co expects FY22 revenue and profit to increase by 30%-40%
from a year ago, thanks to relatively low base, encouraging
recovery in retail sector and expansion of licensing business in
China  urn:newsml:reuters.com:*:nFWN2YA0VJ
    ** Says favourable gold sales, improvement in operating
leverage, and turnaround of retail business in Hong Kong and
Macau markets also aid increase 
    ** Shares of bigger rival Chow Tai Fook Jewellery  1929.HK 
rise 2.3% 
    ** The Hang Seng Commerce & Industry Index  .HSNC  jumps
2.6% and the Hang Seng consumer goods and services index
 .HSCGSI  surges 2.5%
    ** The Hang Seng Composite Index  .HSCI  gains 1.5% and the
benchmark Hang Seng Index  .HSI  rises 1.6%
    ** As of last close, Luk Fook stock had fallen 23.1% this
year

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