Steel products maker Xiwang sinks to near 3-yr low on weak H1 view

Xiwang Special Steel Co

20/08/2019 05:03

** Shares of Xiwang Special Steel Co Ltd  1266.HK  fall as
much as 13.4% to HK$0.71, their lowest since October 2016, after
Chinese steel products maker forecast sharp fall in H1 profit
    ** Ranks 8th biggest percentage decliner in morning trade
    ** Shandong-based company expects its first-half net profit
to fall 60%-70% due to a drop in demand for its products as its
downstream customers experienced difficulties in exporting
products amid China-US trade war  urn:newsml:reuters.com:*:nFWN25C0OI
    ** Co says a drop in its steel products prices and an
increase in production costs amid rising raw materials and fuels
prices also hit earnings
    ** As of Monday's close, the stock had fallen 43.1% so far
this year
    ** Xiwang Special Steel has underperformed the Hang Seng
Commerce & Industry Index sector  .HSNC  by 23.8 percentage
points in the past one month
    ** The Hang Seng China enterprises index  .HSCE  gains 0.5%,
and the benchmark index  .HSI  edges up 0.01%

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