(Sept 6): Hutchison Port Holdings Trust will be removed from Singapore’s Straits Times Index after a dramatic fall in its market value amid rising global trade tensions, the index provider said in a statement.
The move marks the end of an era for the Li Ka-shing backed container port trust in Hong Kong, whose initial public offering in 2011 was among the biggest that year. The market capitalization has dropped 84% since the IPO to around US$1.4 billion, the lowest among the 30 constituents of the Straits Times Index, according to data compiled by Bloomberg. The decline was accompanied by falling operating income since 2016 due to weakened trade demand.
