Movement Alert｜HARBIN ELECTRIC Falls 5.2% in Regular Trading, Power Sector Under Pressure as Broader Market Weakens

Market Focus07-24

On July 24, HARBIN ELECTRIC fell 5.2% in regular trading, trading at 16.2 HKD/share, with turnover of approximately 71.85 million HKD.

On the news front, the Hong Kong broader market exhibited overall weakness, with the Hang Seng Index and Hang Seng Tech Index both declining. The power sector followed the market lower, with Datang New Energy down over 5%, Datang Power and Xinyi Energy down over 3%, and sector stocks broadly under pressure. Additionally, HARBIN ELECTRIC had surged over 23% earlier this week after issuing a profit alert showing interim net profit of approximately RMB 1.7 billion, up 61.9% year-over-year, and receiving a UBS upgrade to buy with a target price of 45 HKD. The current pullback appears related to profit-taking sentiment following the rapid prior rally.

Within the Heavy Electrical Equipment sector, the overall sector declined broadly. Among individual stocks, DAJIN down 8.48%, GUOXIA TECH down 6.87%, DONGFANG ELEC down 5.52%, GOLDWIND down 4.57%, SH ELECTRIC down 3.87%.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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