BUZZ-China's Xinyi hits lowest in nearly 3 weeks on weak earnings forecast
Reuters
Jul 21
BUZZ-China's Xinyi hits lowest in nearly 3 weeks on weak earnings forecast
** Shares of Xinyi Glass Holdings 0868.HK fall 2.4% to HK$7.98, their lowest since July 2
** Co expects H1 net profit to drop 55%-65% y/y, amid declines in revenue and gross profit from its float glass business
** Xinyi, with market value of $4.5 bln, says a significant drop in the number of newly completed property projects in China has led to sluggish demand for float glass products and suppressed products prices
** The Hang Seng Commerce & Industry Index .HSNC climbs 0.5%, while the Hang Seng Index .HSI adds 0.3%
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