First Pacific yesterday fell 16.8 per cent to $2.475 - a four-year low - despite reassurances from the company it could cope with the impact of the Asian financial crisis.
The stock's 34 per cent plunge this year makes it the worst performing stock on the Hang Seng Index.
Traders' concern focused on the prospects of its debt-laden Philippine subsidiary Metro Pacific, which is largely regarded as a drain on the company.
Metro Pacific's poor performance has prompted speculation that First Pacific may have to sell profitable assets - namely Dutch-based Hagemeyer - to subsidise it.
Asian Financial Crisis