Hong Kong: Cosco Pacific Ltd, Asia's third-largest container-terminal operator, plunged the most ever in Hong Kong trading on concerns that a global economic slowdown will damp ocean traffic.
The company dived 26% yesterday, the most since its 1994 initial public offering, to close at HK$3.40. Parent China Cosco Holdings Co, Asia's biggest shipping company by market value, dropped 23%, the most since its 2005 IPO, to HK$2.62. Hong Kong's Hang Seng Index also plunged the most in more than a decade on concerns the economic slowdown with damp earnings. "The shipping industry is going through a downturn and shipping companies tend to be hurt badly when the market slumps,'' said Cai Bin, an analyst at Pingan Securities Co in Shenzhen. Sinotrans Shipping Ltd plunged 20% to HK$1.00. Orient Overseas (International) Ltd slipped 18% to HK$9.94. In Singapore, Neptune Orient Lines Ltd dropped 11% to S$1.03.
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