HK-listed denim maker Weiqiao Textile falls on weak H2 outlook

Weiqiao Textile Co

23/12/2019 03:08

** Shares of cotton yarn, grey fabric and denim maker
Weiqiao Textile Co Ltd  2698.HK  slide as much as 5.1% to
HK$2.24, after four consecutive sessions of gains
    ** Co expects a bigger year-on-year drop in net profit for
the second half of 2019 as compared with first half due to a
persistent decline in cotton price, low demand for cotton
textile products, and lower gross profit margin  urn:newsml:reuters.com:*:nFWN28U09A
    ** As of previous close, the stock had fallen 10.9% this
year
    ** Shandong-based Weiqiao Textile has outperformed the Hang
Seng Commerce & Industry Index sector  .HSNC  by 8.3 percentage
points in the past one month.
    ** The Hang Seng China enterprises index  .HSCE  gains 0.1%,
and the benchmark index  .HSI  edges up 0.03%

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