HK Stock Market Move | WESTCHINACEMENT (02233) fell more than 5% in the afternoon, with a decrease in performance due to a 25-year downgrade and devaluation of Ethiopian cement.

WESTCHINACEMENT (02233) fell by more than 5% in the afternoon, dropping by 4.4% as of the time of writing, to 2.39 Hong Kong dollars, with a turnover of 71.3596 million Hong Kong dollars. On the news front, WESTCHINACEMENT previously released its performance, with revenue/net profit of 4.2/1.3 billion yuan in the second half of the year, a year-on-year decline of 9.5%/45.1%, a 22%/82% decline from the first half of the year. Changjiang released a research report stating that looking at the ton index, the overseas price is 470/ton, a 25.5% year-on-year decrease. The overseas price decline is mainly due to the dual impact of price reduction in the Ethiopian region and currency devaluation. Overall, Mozambique has remained relatively stable. According to a report by CCTV earlier this month, due to the ongoing conflict in the Middle East, prices in Ethiopia have continued to rise, causing significant impact on various industries and people's lives. A construction site manager said that in the past two weeks, the prices of construction materials have sharply increased, seriously affecting work. The price of cement has almost doubled, while the prices of sand and gravel are rising, and the price of steel has also soared. If this trend continues, there are concerns that work may be forced to stop.