BUZZ-Sinopec's H-shares fall to near 6-week low after Q3 profit halves

Reuters
2024-10-29

** Hong Kong-listed shares of Sinopec fall 3.3% to HK$4.36, their lowest since Sept. 19

** Stock on course for fourth straight session of decline; second biggest-loser in Hang Seng Index and Hang Seng China Enterprises Index , which are up 0.8% and 0.9%, respectively

** The Chinese refiner posted a 52.1% year-on-year decline in net profit to 8.54 bln yuan ($1.2 bln) for the third quarter, due to lower oil prices and weak refining margins

** Citi maintains "Buy" on the stock, saying Q3 broadly in line but see limited QoQ pickup for core downstream profitability into Q4 due to low seasonality

** Shanghai stock falls 3% to 6.25 yuan

** In China, the blue-chip CSI 300 Index and the Shanghai Composite Index both slip 0.1%

** In Hong Kong, the Hang Seng Composite Index tracking energy stocks falls 1.5%, and Hang Seng Mainland Oil & Gas Index declines 1.8%

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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