On September 23, COSCO SHIP ENGY declined 3.01% in regular trading, trading at HKD 18.66/share, with turnover of HKD 217 million, extending the prior session's sharp pullback in which the stock retreated over 8%.
The decline reflects continued profit-taking pressure after the stock surged more than 80% cumulatively over the preceding two months, driven by escalating Middle East geopolitical tensions, VLCC freight rate spikes, and robust first-half earnings. The company reported H1 revenue of RMB 15.146 billion, up 30.03% year-over-year, with net profit of RMB 4.545 billion, surging 143.21%. Morgan Stanley recently reiterated an Overweight rating with a HKD 26 target price, while management indicated that the sharp September rate increases could be reflected in fourth-quarter results. However, the magnitude of the prior rally has triggered technical correction pressure, and institutional position adjustments — including BlackRock's multiple changes to its H-share holdings — have added short-term sentiment volatility.
Within the Oil and Gas Storage and Transportation sector, SINOPEC KANTONS fell 0.14%, CHINA SUNTIEN fell 0.74%, HANS GP HLDGS fell 3.05%, while YUANHENG GAS and SUN KONG HLDGS were flat.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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