Hot stock: Cosco down after earnings guidance
SHARES in Cosco Corporation slid to S$0.55 in trading on Monday morning as at 10.45am, following an earnings guidance on Friday. The counter ended trading previously at S$0.60. It opened on Monday morning at S$0.55.
It had, on Friday, issued an earnings guidance that its consolidated financial results ended December will show "significantly lower earnings" compared to the previous year.
This is mainly due to the steep fall in crude oil prices over recent months which has had an adverse impact on the global offshore marine industry, and the one-off charge of the Octabuoy hull and topside module project, said the company.
Cosco's results are scheduled to be released on Feb 16.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Stocks to watch: UOB, DBS, Olam, Far East Orchard, Daiwa House Logistics Trust, Manulife US Reit
Europe: Shares close at record highs on financials boost
US: Sideways day for stocks as Disney tumbles
US dollar inches up; Aussie, yen slide
Singapore stocks end lower even as regional markets rally; STI slips 0.1%
Swiss-Asia Financial Services fined S$2.5 million for breaches of anti-money laundering rules