CK Hutchison Shares Erase All Gains Since Panama Ports Deal
The Cheung Kong Center building, which houses the headquarters of CK Hutchison Holdings Ltd. and CK Asset Holdings Ltd., in Hong Kong.
Photographer: Leung Man Hei/BloombergThis article is for subscribers only.
CK Hutchison Holdings Ltd shares extended declines on Wednesday, erasing all their advances since the company agreed to sell its Panama Canal port assets to a BlackRock Inc.-led consortium last month.
The Hong Kong-listed stock closed 1.4% lower on Wednesday amid a global rout, and after Panama’s top auditor accused the conglomerate of wrongdoing. The slide helped wipe out CK Hutchison’s share gains since the transaction was announced in early March, with the stock entered its fifth day of losses.