HK's MTR Corp sinks on weak H1 outlook on virus, economy woes

MTR

08/07/2020 04:11

** Shares of MTR Corp Ltd  0066.HK  fall as much as 3.7% to
HK$40.60, their lowest since July 2, after the rail operator
warns of a loss for first half of 2020
    ** The stock later trims loss to HK$41.05, still down 2.6%,
heading for the worst day since June 15
    ** Stock ranks the second biggest percentage decliner among
the 50 constituent stocks in the benchmark Hang Seng Index
 .HSI  
    ** Co expects to post up to HK$0.7 bln ($90.3 mln) loss for
H1 2020, versus profit of HK$5.5 bln in H1 2019, amid COVID-19
pandemic, deterioration of economic environment, and revaluation
loss on investment property portfolio  urn:newsml:reuters.com:*:nFWN2ED0RG
    ** Says its overall financial position remains sound when
taking into account the rail and property businesses as a whole
    ** By last close, the stock had fallen 8.5% this year
    ** MTR Corp has outperformed the Hang Seng Utilities Index
sector  .HSNU  by 8.2 percentage points in the last month
    ** The Hong Kong Hang Seng sub-index tracking property firms
 .HSNP  slides 0.3%, while the benchmark index  .HSI  gains 0.3%
    
($1=7.7499 Hong Kong dollars)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)