China's Yuexiu Services hits 13-month peak on share buyback plan

Yuexiu Services

20/05/2024 06:37

** Shares of Yuexiu Services Group Ltd  6626.HK  jump 11.4%
to HK$3.90, their highest since April 2023, and on course for
the third consecutive session of gains
    ** Stock marks the biggest one-day pct rise since January
2023 
    ** The Chinese property management services group intends to
repurchase up to 30.44 mln shares in the open market, or 2% its
issued share capital, to demonstrate confidence in co's
long-term business prospects in a deal to be funded by internal
cash resources
    ** Hang Seng Mainland Properties Index  .HSMPI  slips 0.4%,
while Hang Seng Composite Index tracking properties and
construction stocks  .HSCIPC  and Hang Seng Index  .HSI  both
add 0.6%
    ** Stock up 49.2% YTD  

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))