CPIC (02601) swings into 2.6% gain in Bullish Engulfing; brokers said not surprising on profit warning
CPIC (02601) expected the interim profit to retreat about 55% year-on-year as investment income plunged and business growth slowed. However, brokers said the profit warning is within expectations. Goldman Sachs, Morgan Stanley, Credit Suisse and Merrill Lynch maintained their targets at $32.51 to $34.
The H-share opened lower by 3% to $24.15, on back of the support by 50MA ($23.9), it reclaimed 10MA($25.4) and 250MA ($25.31), and was last $25.55, up 2.6%, on volume of 6.25 million shares; A-share also swung into 1.7% gain, after seeing the low RMB21.9, and closed the midday at RMB22.79, on volume of 11.74 million shares. (r)
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