December 02, 2008

Anhui Conch shares slide on coal over 4%

Reuters reported that shares in Anhui Conch, China's largest cement maker slid over 4% after investment banks downgraded the firm on fears soaring energy prices will squeeze margins for the building materials sector.

According to the report, Goldman Sachs cut Conch and rival China National Building Materials to sell from neutral, citing potential difficulties in passing on climbing coal and power prices.

Morgan Stanley last week trimmed forecasts on Conch's earnings for the same reason.