BYD shares jump on optimistic guidance, record earnings
Shares of Chinese rechargeable battery and car maker BYD rose as much as 7.7 percent on Tuesday on the company's optimistic guidance on the country's vehicle market following its forecast-beating record quarterly earnings.
The stock rose to a session high of HK$74.35 before settling at HK$73.60, up 6.6 percent at 0415 GMT, outperforming the broader Hang Seng Index , which eased 0.3 percent.
BYD said it expected growth of at least 20-25 percent in the China market in 2010, and said its key challenge this year would be matching production capacity with sales growth, JP Morgan said in a research report on Tuesday.
BYD, backed by U.S. billionaire investor Warren Buffett, plans to lift capital expenditure by 58 percent this year as it embarks on an aggressive expansion plan.
