BUZZ-Chinese cement group CNBM drops most in nearly 2 years on bigger loss forecast

Reuters04-18

** Shares of China National Building Material Co Ltd

(CNBM) drop 9.6% to HK$2.73, on track for biggest one-day pct decline since June 2022

** Stock hits the lowest since March 28; biggest pct loser in the Hang Seng Composite Index and in the index tracking properties and construction stocks

** CNBM says it expects an unaudited loss attributable to equity holders of 1.3 bln yuan ($179.7 mln) for the three months ended in March, widening from a 526 mln yuan loss in the same period a year earlier

** Says the weak performance is due to a decline in sales prices of cement, commercial concrete and glass fibre, and increase in foreign exchange losses, among others

** The Hang Seng Composite Index adds 0.8%, index tracking properties and construction stocks climbs 0.7% and the Hang Seng Index gains 0.9%

** CNBM shares down 16.5% YTD ($1 = 7.2356 Chinese yuan)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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