China's Xinyi Glass hits over 3-week low on weak earnings estimates

Xinyi Glass Holdings

20/12/2022 03:22

** Shares of Xinyi Glass Holdings  0868.HK  fall as much as
5.8% to HK$13.54, their lowest since Nov 28, and on course for
the second session of decline
    * Stock set for the biggest daily pct drop since Oct 28;
third biggest percentage decliner in Hang Seng Commerce &
Industry Index  .HSNC  and fourth biggest loser in Hang Seng
Composite Index on industrials  .HSCIIG  
    ** Company expects its 2022 net profit to drop as much as
65% from a year ago to HK$4.04 bln ($519.05 mln) amid decreases
in average selling prices of its float glass products on
reducing demand in China's construction sector and an increase
in raw materials and energy costs  urn:newsml:reuters.com:*:nFWN338057
    ** The Hang Seng Commerce & Industry Index  .HSNC  falls
1.5% and the Hang Seng Composite Index on industrials  .HSCIIG 
declines 1.2%
    ** The Hang Seng Composite Index  .HSCI  and the Hang Seng
Index  .HSI  both slip 1.1%
    ** As of last close, the stock had fallen 26.3% this year
    ($1 = 7.7835 Hong Kong dollars)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))