BUZZ-Sinopec's Hong Kong shares fall most in 5 months as profit dips

Reuters03-24

** Hong Kong shares of China Petroleum & Chemical Corp 0386.HK, known as Sinopec, fall 4.5% to HK$4.06 on track for the biggest one-day drop since October 8, 2024

** Stock hit their lowest since March 4 and on course for third straight session of fall; second-biggest loser on Hang Seng Index .HSI, which gains 0.1%

** Shanghai stock of the world's largest oil refiner by capacity 600028.SS slip 0.9%

** Sinopec reported a 16.8% decline in 2024 net profit on Sunday, citing lower crude oil prices and the accelerated development of the new energy vehicle $(NEV)$ industry

** Hang Seng Mainland Oil & Gas Index .HSMOGI slips 0.8%, while Hang Seng China Enterprises Index .HSCE adds 0.1%

** YTD, Hong Kong stock down 7.9%, Shanghai shares down 13.6%

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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