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Singapore Hot Stocks-China Hongxing falls after Citi downgrade

Fri Sep 5, 2008 12:21am EDT

Stocks

   

SINGAPORE, Sept 5 (Reuters) - Shares of Singapore-based China Hongxing Sports (CHXS.SI) fell as much as 6.8 percent on Friday after Citigroup downgraded it to "sell" from "buy" with a revised target price of S$0.35.

China

Citigroup said that although the company has been delivering robust growth, it believed that its rental financing scheme will continue to bog price performance. Citigroup also voiced concerns over the company's ability to sustain its current efficient retail performance in view of slowing market growth and competition.

At 0258, China Hongxing was trading at S$0.35 with 4.8 million shares changing hands.

0259 GMT - Straits Times Index was down 1.78 percent. (Reporting by Brenda Goh; Editing by Saeed Azhar)

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