HK-listed Weiqiao Textile jumps most in over 5 years on earnings forecast

Weiqiao Textile Co

17/06/2021 04:05

** Shares of fabric and denim maker Weiqiao Textile Co Ltd
 2698.HK  surge as much as 21.1% to HK$2.70, posting their
biggest intraday percentage gain since March 2016
    ** Stock hits the highest since June 2019; the sixth-biggest
percentage gainer on the Hong Kong bourse
    ** Shandong-based co expects its net profit for the six
months ending in June to more than triple from a year earlier
 urn:newsml:reuters.com:*:nFWN2NX1GQ
    ** Cites an increase in demand for textile products as
textile and apparel markets recover with pandemic under control 
    ** Says steady profitability of its electricity business
also aids earnings 
    ** The Hong Kong Hang Seng Commerce & Industry Index  .HSNC 
climbs 0.3%
    ** The Hong Kong composite Industry Index tracking energy
stocks  .HSCIE  gains 0.3%, and the composite Industry Index
tracking utilities  .HSCIU  rises 0.4%
    ** The Hang Seng China enterprises index  .HSCE  edges down
0.1%, while the benchmark index  .HSI  gains 0.1%
    ** As of last close, stock had surged 30.4% this year 

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