BUZZ-HSBC's Hong Kong shares fall on report Ping An mulling stake cut

Reuters05-17

** Hong Kong shares of HSBC fall 2.4% to HK$68.40,

on course for the biggest one-day pct drop since March 7

** Stock on track to snap four straight sessions of gains; biggest percentage loser in Hang Seng Finance Index and second biggest loser Hang Seng Composite Index tracking financials stocks

** HSBC's largest shareholder, China's Ping An Insurance , is mulling options to reduce its 8% stake in the Asia-focussed lender, Bloomberg News reported on Thursday

** HSBC and Ping An declined to comment on the report

** Ping An's Hong Kong stock rises 2.1% to HK$43.90, highest since Oct 13; Shanghai stock climbs 1.3%

** Hang Seng Composite Index tracking financials stocks

gains 0.2%, Hang Seng Finance Index climbs 0.3% and Hang Seng Index rises 1.1%

** HSBC Hong Kong shares surged 11.7% YTD, Ping An's Hong Kong stock up 24.2% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment