Shares of COSCO Shipping Holdings Co Ltd surged on Monday, jumping as much as 10.76% to HK$13.48, the highest level since July 5th. The Chinese shipping giant's stock was a standout performer amidst a broadly weaker Hong Kong market, with the Hang Seng Index falling 5.6%.
The rally was fueled by COSCO Shipping's robust earnings forecast for the third quarter. The company estimates its Q3 net profit will skyrocket 285.66% year-over-year to 21.251 billion yuan ($3.01 billion). For the first nine months of 2024, COSCO expects net profit to surge 72.72% compared to the same period last year.
While Hong Kong stocks tumbled due to global growth concerns, Chinese mainland markets saw a strong rally, with the blue-chip CSI 300 Index jumping 6.1% and the Shanghai Composite Index adding 4.8%. COSCO's Shanghai-listed shares mirrored the movement in Hong Kong, surging 10% to 17.28 yuan, the highest since June 11th.
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