Stock Track | JIAXIN INTL RES Plummets 5.89% Intraday on Tungsten Price Retreat and Profit-Taking

Stock Track04-24

JIAXIN INTL RES (03858.HK) saw its stock price plummet by 5.89% during intraday trading on Friday, extending a recent downward trend for the shares.

The sharp decline is attributed to a phased pullback in domestic tungsten concentrate spot prices, which has prompted market holders to lock in profits and sell their positions. Additionally, an increase in the supply of recycled tungsten scrap has boosted short-term liquidity in the spot market, creating a slightly looser supply environment that is exerting sustained pressure on related stocks. The broader Diversified Metals and Mining sector also traded weakly, contributing to the negative sentiment.

Despite the current headwinds, the long-term industry outlook remains supported by limited new global tungsten mining capacity and a persistent supply-demand gap. The company recently reported a return to profitability with substantial net income and has projected output growth for the current year.

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