Media stocks slumped yesterday after Sing Tao Holding's poor results sent a shockwave across the media sector.
Sing Tao, which publishes Sing Tao Daily and Hong Kong Standard , reported on Thursday it had made a net loss of $146.42 million for the year to March, blaming the newspaper price war and rising newsprint costs. Its shares plunged when trade began, closing 13.18 per cent down at $3.95, after falling as low as $3.925.
The poor results led investors to sell down other newspaper stocks. Oriental Press Group lost 7.5 cents to $4.05, and South China Morning Post (Holdings) shed 15 cents to $5.35.