Hong Kong-listed steelmaker Tiangong rises on robust H1 outlook

Tiangong International

17/06/2020 04:09

** Shares of Tiangong International Co  0826.HK  rise as
much as 7.8% to hit a 1-week high of HK$2.35 after the Chinese
high-speed steelmaker forecast strong growth in H1 earnings 
    ** Stock is now up 6% and is set for its biggest pct rise
since Feb. 27 
    ** Company expects H1 net profit to increase by over 30% due
to a rise in domestic sales volume as demand for imported die
steel is substituted by local products  urn:newsml:reuters.com:*:nFWN2DT0FC
    ** Says an increase in market share of its cutting tools
business also helped sales 
    ** Stock has fallen 32.9% this year, as of last close
    ** Jiangsu-based Tiangong has underperformed the Hang Seng
Commerce & Industry Index sector  .HSNC  by 10.7 percentage
points in the past one month
    ** The Hang Seng China enterprises index  .HSCE  falls 0.3%
and the benchmark index  .HSI  slides 0.2%

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