Yangtze Optical Fibre and Cable (YOFC) stock plummeted 5.07% during intraday trading on Tuesday, marking a significant reversal from recent gains.
The decline reflects profit-taking activity following a sharp rally in the previous session, which was driven by optimism over strong fiber optic export data showing double-digit year-over-year growth in Q1 with order backlogs extending to 2028.
However, this bullish sentiment is tempered by ongoing concerns about the company's Q1 financial performance, where net profit of 495 million yuan fell significantly short of market expectations of 800 million to 1 billion yuan, according to UBS analysis. The stock had previously plunged over 12% following the earnings disappointment before rebounding on export optimism, creating the volatile trading pattern.
Comments