STOCKWATCH: Jilin Chemical sharply lower after results

HONG KONG (AFX-ASIA) - Jilin Chemical Industrial shares were sharply lower in late morning trade after reporting a net loss of 836 mln yuan for 2000, compared with 149 mln yuan in net profit a year earlier.	    At 12:16 pm, Jilin Chemical was down 0.07 hkd or 11.86 pct at 0.50 hkd on trade of 67.87 mln shares, while the Hang Seng China Enterprises index was up 8.92 points at 410.28.	    The Hang Seng Index was up 32.29 points at 12,710.18 on turnover of 2.83 bln hkd.	    Gideon Lo, an investment strategist with Kim Eng Securities, said the net loss sparked the heavy selling this morning.	    "The net loss came after the company made a writeoff for its outdated production facilities. Although the company had given a warning about possible losses due to the writeoff before the results, investors are still rushing to reduce their holdings," Lo said.	    The company said it made a 1.29 bln yuan writeoff for outdated equipment and technology related to certain chemical fertilisers, dyestuff and other chemical products.	    Lo said investors were locking in Jilin Chemical's recent strong gains which were in line with the overall H share sector by using the results as an excuse.	    "Compared with other petrochemical stocks, Jilin Chemical's fundamentals are least attractive to me," Lo said. 

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