HK-listed wire maker Xingda hits 2-year low on weak H1 forecast

Xingda International Holdings

20/08/2018 04:49

** Shares of Xingda International Holdings Ltd  1899.HK  
fall as much as 10.8 pct to HK$2.14, the lowest since Aug. 26,
2016, after the radial tire cords and bead wire maker flags
lower H1 profit 
    ** The stock trims losses to HK$2.20, still down 8.3 pct,
heading for its worst day since May 24, 2017
    ** Co expects its first-half profit to fall 40-50 pct amid
higher production costs, an increase in administrative expenses
and a decrease in government grants  urn:newsml:reuters.com:*:nFWN1V80KQ
    ** Co says H1 results are due on Aug. 29
    ** As of the previous close, the stock had fallen 13.36
percent so far this year
    ** Xingda has outperformed the Hang Seng Commerce & Industry
Index sector  .HSNC  by 13.6 percentage points in the past one
month
    ** As of 0340 GMT, about 2.66 million shares of the
Shanghai-based company have been traded, compared with their
30-day moving average of 2.89 million shares a day
    ** Hong Kong's benchmark index  .HSI  rises 0.8 pct

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