GCL-Poly Advances as Polysilicon Prices Rise: Hong Kong Mover
GCL-Poly Energy Holdings Ltd. (3800), the world’s biggest polysilicon maker, rose the most in more than seven months after prices of the raw material used in most solar panels advanced to the highest since October 2012.
The stock jumped as much as 7.9 percent, headed for the biggest gain since May 21, to HK$2.86 and traded at HK$2.84 as of 11:21 a.m. local time in Hong Kong. The benchmark Hang Seng Index declined as much as 0.4 percent.
Polysilicon prices recovered from a December 2012 record low early last year after producers cut output to curb a supply glut. The average spot price rose last week at the fastest pace since June, advancing 2.6 percent to $18.32 a kilogram compared with $17.86 a week ago, according to data compiled by Bloomberg.
“Polysilicon prices have been keeping up for the last six weeks and were up again yesterday,” Michael Parker, a Hong Kong-based analyst at Sanford C. Bernstein & Co., said. A positive outlook for the industry is also contributing to the stock’s gain, he said.
Yingli Green Energy Holding Co. (YGE), the world’s biggest solar-panel maker, expects as early as next quarter to post its first three-month profit since 2011 as demand climbs and cost controls show results, Chief Financial Officer Wang Yiyu said Jan. 7. He expects global solar installations to reach 50 gigawatts this year compared with 40 gigawatts in 2013.
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