Hutchison Whampoa's share price fell sharply yesterday on news that the Philippine Government is reconsidering a decision to award Hutchison Whampoa the contract to operate a container terminal at the former United States Navy base at Subic Bay. Hutchison closed at $47, down $1.20, or 2.49 per cent, on the day. The stock was the most actively traded on the market yesterday, with almost five million shares changing hands. The back peddling by Manila followed threats of legal action by Philippines-based International Container Terminal Services (ICTSI). ICTSI, the highest bidder for the project, was denied the contract because of the possible violation of Philippine anti-monopoly laws. Besides fears that Hutchison would lose out on Subic Bay, analysts also said the market was disappointed by Hutchison's interim results last week. Most of the firms 75 per cent rise in profits were exceptional, deriving from the flotation of British mobile telecommunications firm Orange Plc. Kent Rossiter, senior institutional sales manager at Nikko Securities, said that many investors were switching from Hutchison to Swire in search of higher earnings potential. Since last Thursday, when Hutchison released its results, the company's stock has lost more than 4.6 per cent in value.